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...