The Speaker, House of Representatives, Aminu Tambuwal, yesterday said despite the huge contribution of crude oil to Nigeria’s economy, earnings from crude oil have been largely unaccounted for.
Tambuwal made the disclosure while declaring open an investigative public hearing on an alleged diversion of crude oil deposit at Stubbs Creeks Marginal Fields in Akwa Ibom by Universal Energy Resources Limited.
“In Nigeria, though crude oil has contributed largely to the economy, the revenue has not been used and accounted for,” Tambuwal declared in his opening remarks.
Tambuwal said that continued diversion of crude oil, bunkering and vandalism of oil pipelines constituted major sabotage to the nation’s economy. Represented by Ishaka Bawa, the Chief Whip of the House of Representatives, Tambuwal said there was the need for appropriate production and export policy crucial for the growth of the sector.
Meanwhile, the House of Representatives yesterday mandated its committee on water resources to investigate the current status of the N800 million Okpella Water Scheme with a view to determining the level of work done by the contractor engaged by the defunct Petroleum Trust Fund (PTF).
The committee was also directed to determine the input of the federal ministry of water resources since the project was taken over by the ministry.
The resolution followed a motion on the need to investigate the purported completion of the Okpella Water Scheme sponsored by Hon. Abubakar Momoh.
In his lead debate, Momoh stressed that there was the need to probe the allegation by the government of Edo State that Federal Ministry of Water Resources siphoned the sum of N800 million earmarked for the completion of the water scheme.