OrderPaperToday –Agreements between the Nigerian National Petroleum Corporation (NNPC) and its Joint Venture partners have come under the spotlight of the House of Representatives.
The House made the resolution following a motion titled “Recovery of Revenues Payable to the Federal Account from and its Joint Venture Partners” sponsored by Mr. Ossai Nicholas Ossai (PDP, Delta State) during Tuesday’s sitting.
Leading the debate, Mr. Ossai doubted that income from sale of assets, marine transportation, haulage and pipeline transportation which form part of the Joint Venture operations are captured in the agreements. He said income could amount to billions of naira that could have gone into the federation account if properly reflected in the agreements.
The House accordingly mandated its Committees on Petroleum Upstream and Petroleum Downstream Petroleum (when constituted) to investigate the operations of the Joint Venture Agreements with a view to plugging leakages.
The joint investigation is expected to carry out a forensic review of the Joint Venture to establish the amounts of income that accrued to the partners in the past seven years and the actual amount remitted to the Federal Account. The joint Committee has seven weeks to turn in its report.