Home News Senate Begins Probing Unrepatriated Oil, Gas, Non-Oil Export Proceeds

Senate Begins Probing Unrepatriated Oil, Gas, Non-Oil Export Proceeds

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The Senate has begun probing crude oil and gas and non-oil export proceeds unrepatriated since the inspection of the Export Act from 1996 to 2019.

The upper chamber also mandated its Committee on Banking, Insurance and other Financial Institutions to ascertain why relevant government agencies kept on having conflicting data of same product value published in Nigeria on one hand while those published by OPEC were different.

The resolutions were sequel to a motion on “Need to investigate pre-shipment inspection of export activities in Nigeria with respect to non-repatriation of crude oil export proceeds in line with pre-shipment inspection of export Act CAP-P26 Laws of the Federation of Nigeria 2004, vis-à-vis challenges posed by global COVID-19 pandemic.”

The motion was sponsored by Sen. Yusuf Yusuf (APC-Taraba) during Wednesday’s plenary.

Moving the motion, the senator said that the pre-shipment inspection of export was the inspection of goods (oil and non-oil) in Nigeria prior to the shipment of those goods outside Nigeria as provided under the pre-shipment inspection of export Act CAP-P26 Laws of the Federation of Nigeria 2004.

“The period prior to the pre-shipment inspection of export enactment, export of crude oil and gas was characterised by undervaluation and delays in the issuance of invoices and payments for goods, sometimes up to 120 days.”

The resolutions of the upper chamber were unanimously adopted by the senators after voice votes by President of the Senate, Ahmad Lawan.

 

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