{"id":76121,"date":"2020-10-07T19:21:46","date_gmt":"2020-10-07T18:21:46","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=76121"},"modified":"2020-10-07T19:21:46","modified_gmt":"2020-10-07T18:21:46","slug":"senate-begins-probing-unrepatriated-oil-gas-non-oil-export-proceeds","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/senate-begins-probing-unrepatriated-oil-gas-non-oil-export-proceeds\/","title":{"rendered":"Senate begins probing unrepatriated oil, gas, non-oil export proceeds"},"content":{"rendered":"<div dir=\"ltr\">\n<h1><span style=\"font-family: 'PT Serif', serif; font-size: 14px;\">The Senate has begun probing crude oil and gas and non-oil export proceeds unrepatriated since the inspection of the Export Act from 1996 to 2019.<\/span><\/h1>\n<\/div>\n<div>\n<p>The upper chamber also mandated its Committee on Banking, Insurance and other Financial Institutions to ascertain why relevant government agencies kept on having conflicting data of the same product value published in Nigeria on one hand while those published by OPEC were different.<\/p>\n<p>The resolutions were sequel to a motion on \u201cNeed to investigate pre-shipment inspection of export activities in Nigeria with respect to non-repatriation of crude oil export proceeds in line with pre-shipment inspection of export Act CAP-P26 Laws of the Federation of Nigeria 2004, vis-\u00e0-vis challenges posed by global COVID-19 pandemic.\u201d<\/p>\n<p>The motion was sponsored by Sen. Yusuf Yusuf (APC-Taraba) during Wednesday\u2019s plenary.<\/p>\n<p>Moving the motion, the senator said that the pre-shipment inspection of export was the inspection of goods (oil and non-oil) in Nigeria prior to the shipment of those goods outside Nigeria as provided under the pre-shipment inspection of export Act CAP-P26 Laws of the Federation of Nigeria 2004.<\/p>\n<p>\u201cThe period prior to the pre-shipment inspection of export enactment, export of crude oil and gas was characterised by undervaluation and delays in the issuance of invoices and payments for goods, sometimes up to 120 days.\u201d<\/p>\n<p>The resolutions of the upper chamber were unanimously adopted by the senators after voice votes by President of the Senate, Ahmad Lawan.<\/p>\n<p>Meanwhile, the Senate President Ahmad Lawan said that the Petroleum Industry Bill (PIB) would be considered for second reading in two weeks.<\/p>\n<p>\u201cWe have asked for copies to be made and I want to believe that almost everyone has a copy.<\/p>\n<p>\u201cSo we study this bill, it\u2019s so critical, it\u2019s so important and then we take the second reading in two weeks so that we have sufficient time to go through the bill.<\/p>\n<p>\u201d It\u2019s a big bill and it is a crucial bill,\u201d Lawan said.<\/p>\n<div>The News Agency of Nigeria reports that the Senate passed for second reading the PIB.(NAN)<\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Senate has begun probing crude oil and gas and non-oil export proceeds unrepatriated since the inspection of the Export Act from 1996 to 2019. The upper chamber also mandated&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":67860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-76121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Senate begins probing unrepatriated oil, gas, non-oil export proceeds - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/senate-begins-probing-unrepatriated-oil-gas-non-oil-export-proceeds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate begins probing unrepatriated oil, gas, non-oil export proceeds - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Senate has begun probing crude oil and gas and non-oil export proceeds unrepatriated since the inspection of the Export Act from 1996 to 2019. 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