Disturbed that a shortfall of $13 billion between January and August this year is yet to be accounted for by the Nigerian National Petroleum Corporation (NNPC), the House of Representatives Thursday raised an dhoc committee to find out the volume
and value of crude oil sales by the corporation for the whole year. The committee was also mandated to probe remittances into the federation account by the NNPC within the same period. This is as the House directed the committees on Petroleum Resources (upstream and downstream), National Planning and Finance to widen its dragnet by investigating the effect of dwindling oil revenues as a result of the development of the technology of tracking in the hydrocarbon industry globally. Moving the motion for the probing of the NNPC, Hon. Haruna Manu, who also
noted that the revenue that accrue to the corporation from the sale of oil is the collective patrimony of the federal government that must be remitted in accordance with section 162 (1) of the constitution, expressed worry that there was lacuna in the declaration of the corporation in this regard.
Details to follow
To begin with let us understand why crude oil is so expensive or what all factors determine or derive the prices of bonny light crude oil
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