The House of Representatives has initiated a forensic investigation through its Joint Committee on Petroleum Resources.
This vital inquiry aims to address a myriad of issues impacting the industry and the everyday lives of Nigerians.
Empowered by sections 88 and 89 of the 1999 Constitution (as amended), the National Assembly is set to delve deep into the root causes of the ongoing crisis, following a resolution passed on July 9, 2024 (HR. 16/07/2024).
The committee’s mandate highlights a commitment to ensuring accountability and transparency in the sector, which is crucial for the nation’s economic stability.
In a call to action, the Joint Committee is inviting stakeholders, industry experts, private oil companies, and the general public to submit memoranda that will aid in this comprehensive investigation. The committee seeks to gather insights on a range of critical issues, including:
- The alarming resurgence of fuel queues at petrol stations.
- The troubling unavailability of fuel stock for domestic refineries.
- The disruption in the distribution of Premium Motor Spirit (PMS) products.
- Allegations of unfair subsidization practices and racketeering within the Pro Forma Invoice (PFI) system.
- The rampant issuance of licenses for the importation of refined petroleum products.
- Concerns over the return of PMS price interventions and product availability from NNPC Retail.
- The ongoing delays in refinery rehabilitation and the activities at petrol depots.
- The influx of adulterated products and the lack of facilities to test fuel quality.
The memorandum submissions are critical for illuminating the various dimensions of the ongoing crisis, including the high costs of PMS, the impact of foreign trading companies, and the consequences of regulatory failures. The committee emphasizes the importance of addressing these challenges collaboratively to foster a more resilient and efficient petroleum sector.
Submission Details:
Stakeholders are encouraged to submit their memoranda by delivering 10 hard copies along with two flash drives to the Clerk of the Committee on Petroleum Resources (Downstream) at Room HB. 44, White House, National Assembly, Abuja, by Wednesday, August 14, 2024.
Digital submissions can also be sent to house.petroleumresources@nass.gov.ng.
