The House of Representatives has begun probing of 77 oil companies across the country over a total sum of N2.6trillion owed the Federal Government.
The Speaker of the House, Hon. Femi Gbajabiamila, made this known during Tuesday’s plenary.
He noted that the probing of the 77 oil companies is sequel to a 2019 report of the Nigeria Extractive Industry Transparency Initiative (NEITI).
The Speaker issued a stern warning to the debtors, threatening that the House might be forced to invoke its constitutional powers against the indicted oil companies.
According to him, N2.6tn is a huge sum of money that should not be allowed to go down the drain, especially at a time when the Federal Government is experiencing shortage of revenue to fund its annual budget.
In his words, “To underscore the importance of this exercise, let me make a bold statement that if there are companies or individuals that refuse to cooperate with the committee during this exercise, it may be the first time in the 9th Assembly or in the history that I will personally invoke the provisions of the Constitution and have such person arrested. That is how important this exercise is.
“There is direct nexus between revenue generation and infrastructural development. It is also very important and that is why the House, in its wisdom, decided to put in place an ad hoc committee even though there is a standing committee that works directly in this area. I expect that the deliberation will be thorough and interrogate if it is true that the NEITI report is what it is.
“When the country is confronting significant revenue shortages, coupled with an overwhelming need to address longstanding developmental challenges, there is a greater obligation on the government to do all that is necessary to recover these sums.”
