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Thursday, July 19, 2018
The upper house of Nigeria’s parliament is launching an investigation into anomalies in the renewal of oil leases by the Ministry of Petroleum. The West African nation’s senate voted for a committee to “report to the Senate the anomalies in the ongoing lease renewal process and identify appropriate measures to correct the said anomalies.”
This statement followed a reading of a motion that basically said that firms were given “illegal discounts and rebates” by the Ministry. “The ongoing lease renewal process is capable of denying government revenue in excess of $10 billion as a result of illegal discounts and rebates in the process of lease renewal,” the motion stated.
NNPC, the state-run firm is also under a microscope as lawmakers voted on July 10 to investigate the state oil firm over a shortfall in revenue remittances to government coffers, according to a Reuters report.
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