Tambuwal Reveals: Our Crude Oil Billions Unaccounted For

The Speaker, House of Reps, Aminu Tambuwal, has disclosed that despite the huge contribution of crude oil to Nigeria’s economy, earnings from sale of crude oil have been largely unaccounted for.

Tambuwal made the disclosure while declaring open an investigative public hearing on diversion of crude oil deposit at Stubbs Creeks Marginal Fields in Akwa Ibom by Universal Energy Resources Ltd.

Tambuwal declared in his opening remarks: "In Nigeria, though crude oil has contributed largely to the economy, the revenue has not been used and accounted for." 

He said that continued diversion of crude oil, bunkering and vandalism of oil pipelines constituted major sabotage to the nation’s economy. Represented by Ishaka Bawa, the Chief Whip of the House of Representatives, Tambuwal said there was the need for appropriate production and export policy crucial for the growth of the sector.

Meanwhile, the House of Reps has mandated its committee on water resources to investigate the status of the N800m Okpella Water Scheme with a view to determining the work done by the contractor.

The committee was also directed to determine the input of the federal ministry of water resources since the project was taken over by the ministry.

The resolution followed a motion on the need to investigate the purported completion of the Okpella Water Scheme sponsored by Hon. Abubakar Momoh.