The House of Representatives Committee on Petroleum Resources (Downstream), has unveiled plans to conduct a comprehensive audit of the subsidy regime of the Premium Motor Spirit (PMS) in the country.
Chairman of the committee, Ikeagwuonu Ugochinyeren during the inauguration of the committee said it legislative priorities included ensuring energy security, enhancing professionalism in the petroleum sector and driving economic transformation.
According to him, fostering accountability, institutional reforms, and focusing on revenue recovery and generation will be the focal point of the committee, stating that the committee will assist the Federal Government in recovering the 20 billion dollars revenue lost in the sector.
He said the committee would also prioritise early remittance of federal revenues and the recovery of unremitted funds in the coming days.
Ugochinyere emphasised the importance of addressing the challenges faced by Nigerians due to the removal of the subsidy on petrol, noting that the committee also plans to probe the subsidy beneficiaries, scrutinise loan transactions and pre-export financing arrangements, and to review loans related to crude oil.
