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NIGERIA LOSES $37 BILLION IN OIL REVENUE

By on November 2, 2012

 

A report by the Presidential Committee and Task force on Oil and Subsidy submitted to President Goodluck Jonathan reveals that Africa’s biggest producer of Oil has lost about $37 billion of revenue in the petroleum sector over the past decade.

The Committee set   up by Petroleum Minister Mrs Diezani Allison Madueke in February, also indicted some government officials, Nigerian National Petroleum Corporation, and representatives of the Joint Venture partners of Multinationals Royal Dutch Shell and Exxon Mobil.

Overtime corruption and mismanagement have been identified  as the perils of the petroleum sector, and after the January protests that greeted the Government’s decision to remove the subsidy, Nigerians demanded that the Government should look into the sector and tackle corruption.

With the submission of the report Nigerians will be eager to see what the Administration will do this time to culprits who have facilitated the diversion of funds meant for the National revenue.

If action is taken on those responsible   for the  loss and drop in revenue  then the  President Goodluck  Administration will be viewed by Nigerians as a no-nonsense government serious and ready to reform the petroleum sector in Nigeria.