Consequently, the House resolved to setup an ad-hoc committee to investigate the development and report back to it for further legislative action.
The resolution followed the consideration and adoption of a motion under matters of urgent public importance, moved by Sunday Marshall Katung (PDP, Kaduna), urging the House to ascertain the whereabouts of billions of dollars of oil revenue unaccounted for.
The committee is also expected to investigate the operation of the Inland Basin Production Sharing Contract (PSC) and Nigerian National Petroleum Corporation (NNPC), as well as require the Minister of Petroleum Resources, Ibe Kachikwu, to provide details of financial transactions between the NNPC and the IOCs during the period when the losses occurred.
The panel, which was given six weeks to turn in its report, is also to review the PSC and the joint venture and other relevant agreements with a view to regularising all the anomalies that have led to the loss of revenue.
Katung while leading the debate pointed out that Ibe Kachikwu, Minister of State for Petroleum, had while briefing newsmen last year December, revealed that the nation lost about $21 billion (N7.6 trillion) to IOCs operating in the country due to non-implementation of the PSC.
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