Reps set to probe Nigeria’s dwindling oil revenue

-

The House of Representatives on Thursday mandated the Committees on Petroleum resources (Upstream and Downstream), National Planning and Finance, to investigate relevant government agencies over dwindling oil revenue in Nigeria.The committees are expected to report back to the House within four weeks.This resolution followed a motion moved by Rep. Ben Nwankwo ( PDP-Anambra) which was unanimously adopted.Nwankwo said that the near total dependence on oil as the major source of revenue had almost reduced the country to a mono-product economy.“This reliance on oil has made Nigeria’s economy not only fragile but also extremely vulnerable and under constant threats from even the slightest developments in the world oil market,’’ he said.According to him, Nigeria’s crude oil market is under serious threat arising from the discovery of shale gas through hydraulic fracturing or franking.The News Agency of Nigeria (NAN) reports that franking is a process of forcing water, chemicals and sand at high pressure into underground rocks.Nwankwo said that the widespread use of franking process to produce oil and gas had led to a significant reduction in prices of domestic gas in the United States of America.The legislator said that the severity of the situation was recently admitted by the Organisation of Petroleum Exporting Countries (OPEC) at its meeting in Vienna.He said that franking had made it possible for the USA to produce large volumes of shale gas as a source of energy, which had reduced its import of crude from Nigeria from 11 per cent to five per cent.According to Nwankwo, Nigeria’s Liquefied Natural Gas (NLNG) exports to the United States has substantially declined since 2011.He said that dwindling revenue from crude oil was threatening the implementation of the 2013 budget, adding that it could get worse as more countries and corporations invest in the production of energy through franking.Rep. Godfrey Gaiya (PDP-Kaduna) said that the motion was a wake up call for the National Assembly to take steps to put Nigeria at par with others countries.Rep. Forte Dike (PDP-Anambra said the motion was a step in the right direction as it would help in making the country diversify its economy.


Follow us on Twitter:  Click here

Comments

Post a Comment

Popular posts from this blog

Why do you want to kill yourself?

-
Image
Imagine this. You come home from school one day. You’ve had yet another horrible day. You’re just ready to give up. So you go to your room, close the door, and take out that suicide note you’ve written and rewritten over and over and over You take out those razor blades, and cut for the very last time. You grab that bottle of pills and take them all. Laying down, holding the letter to your chest, you close your eyes for the very last time. A few hours later, your little brother knocks on your door to come tell  you  dinners ready. You don’t answer, so he walks in. All he sees is you laying on your bed, so he thinks you’re asleep. He tells your mom this. Your mom goes to your room to wake you up. She notices something is odd. She grabs the paper in your hand and reads it. Sobbing, she tries to wake you up. She’s screaming your name. Your brother, so confused, runs to go tell Dad that “Mommy is crying and sissy won’t wake up....
www.funmiboimostboss@gmail.com

‘Mu’azu’s peace talks with Obasanjo failed’

-
Image
Former President Olusegun Obasanjo There are strong indications that efforts by the Peoples Democratic Party to make former President Olusegun Obasanjo to have a rethink  on his decision to stay away from the party’s activities  have failed.  Investigations on Thursday showed that Obasanjo insisted when the new PDP National Chairman, Adamu Mu’azu visited him on January 26, that Jonathan  must  honour his alleged promise in 2011 not to contest the 2015 presidential election. A very reliable  PDP national officer  confided in  The PUNCH that  Obasanjo also  gave  other conditions that the new leadership of the party must meet before he would have a change of mind.  They include the restructuring of the party as well as   the correction of the  anomalies relating to the removal of Olagunsoye Oyinlola as the national secretary of the PDP  and Bode Mustapha  as  national auditor in early...
www.funmiboimostboss@gmail.com

Don Jazzy Reacts To The BamBam And Teddy A Sex Video #BBNaija

-
Image
Big Brother Naija Housemates, Teddy A and Bam-Bam threw the internet in a frenzy after they were caught on camera having intercourse in the toilet. Many Nigerians have since reacted in different ways to the private session which they had in the Wii hours of the night in the Big Brother Double Wahala house. Famous music producer, Don Jazzy also joined the bandwagon as he recently mocked the lovers for their special moment in the house. In a recent post, the talented producer was seen dancing in the toilet and singing “watabambam” He later justified his action, stating that he wasn’t judging the couple but just fooling around. He said: “I’m not even judging. Last last body is not fire wood o. U never use toilet before??? Cast the first stone " The housemates were captured by the cameras having sex in the toilet early this morning, and it came barely a day after Teddy A denied accusations by other housemates that they were among the couples having sex i...
www.funmiboimostboss@gmail.com