…says FG can’t afford to fail Nigerians
The Speaker of the House of Representatives, Rt. Hon Yakubu Dogara, has
stated that the ýHouse of Representatives investigation of the Oil Swap
Agreement contract of the NNPCý is not aimed at witch-hunting any person
but aimed at reviewing and repositioning the oil sector to make it more
productive.
Speaking while declaring a public hearing byý the House Ad-Hoc Committee
investigating the Oil Swap Agreement contract of the NNPC open at the
National Assembly, Dogara said it has become imperative, with the free
fall of price of crude oil in the international market, to improve on the
available resourcesý and utilise the oil to drive the economy in order to
stimulate development in the country.
He explained, “Our goal here is not to witch-hunt, no! It is essentially a
diagnostic review with the aim of repositioning the oil sector to perform
its role as a major primer of the nation’s development. ýThe issue of
transparency in the management of the oil sector considering its
significance to the economy of Nigeria is at the very heart of our
nation’s development challenge, especially at this time of dwindling
revenue resulting from the continued drop in oil prices. As at yesterday,
oil, I understand, was trading at $28 dollar from about $114 it traded as
at September, 2014. You don’t have to be an economist to observe that if
we do not improve on the management of available resources and effective
utilsation of oil/petroleum resources to drive the economy, our
developmental aspirations will continue to emaciate. It is in recognition
of this pivotal role which the oil sector plays in aiding development that
the present House of Representatives decided to place enormous emphasis on
the improvement of the sector especially, and to insist on the
transparent, professional, and efficient management of all resources. This
is the only way the Change Agenda of this administration can be
actualise.”
ýHe further explained that the essence of the investigation is to expose
abuses and losses to the Nigerian nation with a view to revitalise the
sector to make it more efficient and transparency driven, against the
backdrop that public investment that has been made in the oil sector and
the returns Nigerians have enjoyed from the sector between 2010 to date do
not tally and other issues surrounding the nation’s oil management
company, the Nigeria National Petroleum Corporation (NNPC).
ý”It is hard to put in words the level of frustration Nigerians have had
to face with the NNPC and indeed the oil industry; the impact of this on
the wider economy and the level of inefficiency in the entire energy value
chain. We have an opportunity now to right the wrongs of the past. It
starts from our doing a thorough job of this assignment.
“If we could pause to imagine for one moment what the effect of a vibrant
oil sector driven by efficiency and innovation, would mean to the Nigeria
energy sector, power, textile industry, rice mills, the manufacturing
start-ups, assembly plants, manufacturing, agribusiness development in
general, aviation, communication, cost of doing business, insecurity,
service delivery, technology adoption, life expectancy of Nigerians both
in the rural and urban areas, SMEs and unemployment, etc. The implications
and ramifications are immense, indeed they are enormous. Therefore, we
cannot afford to fail, Nigerians will not afford half measures.”