Ikeagwuonu Ugochinyere, the Chairman of the House of Representatives Committee on Petroleum Resources (Downstream) has pledged to conduct an exhaustive audit of the petrol subsidy regime, ensuring transparency and accountability within the sector.
He gave the assurance during the committee’s inaugural meeting in Abuja on Friday.
According to PUNCH, Ugochinyere emphasised the committee’s commitment to reviewing the implementation of the Petroleum Industry Act (PIA), with a primary focus on key facets such as energy security, professional standards in the petroleum sector, economic transformation, accountability, institutional reforms, and revenue generation.
The ultimate objective is to assist the Federal Government in achieving a $20 billion revenue target from the sector.
In his address, Ugochinyere empathised with Nigerians affected by the removal of the subsidy regime, attributing its elimination to corruption within the previous administration.
He highlighted the committee’s intent to meticulously investigate the beneficiaries of subsidy payments, examining loan transactions, pre-export financing arrangements, and other financial agreements associated with the subsidy.
Moreover, a comprehensive review of loan arrangements linked to crude oil exchanges will be a focal point.
Collaboration between various petroleum-related committees was emphasised by Ugochinyere.
The Downstream Committee aims to work closely with counterparts in the upstream, mainstream, gas, and Petroleum Training Fund committees to achieve their collective objectives.
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The implementation of the PIA and its impact on national assets were underscored as critical areas of focus.
Ugochinyere assured a thorough review of the pre-PIA state, the subsequent changes, and the management of national assets following the enactment of the PIA.
Addressing concerns over the present domination of the Nigerian National Petroleum Company Limited in PMS importation, Ugochinyere stressed the committee’s intention to explore the PIA’s envisioned involvement of multiple downstream operators in the importation process.
The chairman concluded by expressing confidence in the committee’s capability to utilise legislative powers effectively in addressing Nigeria’s energy challenges, fostering healthy competition, job creation, and stabilising the foreign exchange market within the downstream sector.