Nigeria’s House of Representatives has ordered an adhoc committee to look into recovering $21 billion in oil revenues from international oil companies (IOCs) operating in the country.
Ibe Kachikwu, the country’s petroleum minister, in December 2017, said the government had not enforced a provision that entitles it to a higher share of oil revenues when the barrel price is greater than $20 per barrel.
The representatives voted to set up a committee to look into the estimated $21 billion loss.
“These reckless incidents that have resulted in the massive depletion of both our nation’s resources and the revenue accruing from them have gone on for far too long and that there’s need for this National Assembly to come to Nigeria’s rescue in the interest of the common man and take adequate measures to bring them to a halt,” Representative Sunday Marshall Katung said.
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The committee has six weeks to investigate before reporting back to the House.