The Senate Ad-hoc committee investigating alleged economic sabotage in the Nigerian Petroleum Industry on Wednesday declared that no one will be exempted from scrutiny during the probe by the committee.
Chairman of the committee and leader of the Senate, Senator Michael Opeyemi Bamidele (APC, Ekiti Central), made this known at an interactive session with some critical stakeholders in the petroleum industry held in Abuja.
He emphasised that there will be no room for grandstanding, saying “I want to make it crystal clear that no one will be exempted from scrutiny”.
He added “Our collective goal is to serve the overriding public interest, and it is essential that each stakeholder actively contributes towards this noble cause”.
He noted that before the takeoff of the investigative hearing, the Ad-hoc Committee, constituted on the 3rd July 2024 in consistent with Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Legislative Agenda of the 10th Senate has been carrying out its mandate to perfect modalities and workings with a view to ensuring fair hearing and resolving deep-seated challenges that have been clogging the functionality of the Nigerian petroleum industry for decades.
Specifically, the senate leader bemoaned that “the supply of refined petroleum products has been irregular and problematic. The long queues at filling stations are also a testament to this challenge.
“A situation, whereby we now depend almost entirely on the importation of these products, even when we daily supply the global oil market no fewer than 2% of its crude oil requirements, is to say the least, highly worrisome.
“We also have at hand a grievous issue of national concern that directly borders on the importation of hazardous and substandard petroleum products.
“Under different administrations, the federal government invested billions of Dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt and Warri. In 2021, specifically, the Federal Executive Council approved $1.5 billion for the turn-around maintenance of the Port Harcourt Refinery. Yet, this investment has not yielded significant returns.
“For us, in the Senate, we believe, it is unfair and unpatriotic to treat government business as an orphan while private businesses are flourishing.
He continued “Each of these challenges has put undue pressure not just on our foreign exchange market, but also contributes to the sub-optimal performance of our domestic economy, which the Executive Arm has been taking decisive measures to address in the interest of all Nigeria.
“While we have absolute confidence in the Executive Arm to address these challenges, the Senate deemed it apt to constitute this Ad-hoc Committee to investigate diverse allegations of economic sabotage in the petroleum industry and develop a responsive regime that will deepen global best practices in the industry”.
He expressed optimism that in line with the committee’s mandate, “we will definitely unravel factors and forces aiding sabotage in our petroleum industry. From our findings, we will craft a legislative framework that will entrench global best practices in the industry; open it up for more investments, especially in the midstream and downstream sectors and end vicious regimes of subterfuge in the petroleum industry”.
Meanwhile, the minister of finance and coordinating minister of the economy, Mr. Wale Edun said that the daily crude oil production of the country in the 2024 budget is 1.78mb/d but regretted that the nation could only produce 1.6mb/d. as at today.
Also speaking, the minister of State for Petroleum Resources, Heineken Lokpobiri canvassed for live transmission of the committee’s sitting, stressing that there is a lot of misinformation in the petroleum industry.
“The sector has a lot of misinformation, we seek for live transmission of proceedings on Television, it will do us good” Lokpobiri said.
Corroborating, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari said majority of issues of Sabotage has nothing to do with NNPC.
“We have done nothing to sabotage any refinery”.
He also supported the live transmission of the committee’s sitting, particularly, the forthcoming public hearing.Kyari added that thieves and vandals in the oil industry should be tackled to enhance oil production.
“We are not thieves, we are not criminals, we will protect our dignity, we believe there is eternal accountability” Kyari said.
