Probing NNPC's crude oil swap not a witch hunt – Dogara

…says FG can’t afford to fail Nigerians

The Speaker of the House of Representatives, Rt. Hon Yakubu Dogara, has

stated that the ýHouse of Representatives investigation of the Oil Swap

Agreement contract of the NNPCý is not aimed at witch-hunting any person

but aimed at reviewing and repositioning the oil sector to make it more

productive.
Speaking while declaring a public hearing byý the House Ad-Hoc Committee

investigating the Oil Swap Agreement contract of the NNPC open at the

National Assembly, Dogara said it has become imperative, with the free

fall of price of crude oil in the international market, to improve on the

available resourcesý and utilise the oil to drive the economy in order to

stimulate development in the country.
He explained, “Our goal here is not to witch-hunt, no! It is essentially a

diagnostic review with the aim of repositioning the oil sector to perform

its role as a major primer of the nation's development. ýThe issue of

transparency in the management of the oil sector considering its

significance to the economy of Nigeria is at the very heart of our

nation's development challenge, especially at this time of dwindling

revenue resulting from the continued drop in oil prices. As at yesterday,

oil, I understand, was trading at $28 dollar from about $114 it traded as

at September, 2014. You don't have to be an economist to observe that if

we do not improve on the management of available resources and effective

utilsation of oil/petroleum resources to drive the economy, our

developmental aspirations will continue to emaciate. It is in recognition

of this pivotal role which the oil sector plays in aiding development that

the present House of Representatives decided to place enormous emphasis on

the improvement of the sector especially, and to insist on the

transparent, professional, and efficient management of all resources. This

is the only way the Change Agenda of this administration can be

actualise.”
ýHe further explained that the essence of the investigation is to expose

abuses and losses to the Nigerian nation with a view to revitalise the

sector to make it more efficient and transparency driven, against the

backdrop that public investment that has been made in the oil sector and

the returns Nigerians have enjoyed from the sector between 2010 to date do

not tally and other issues surrounding the nation’s oil management

company, the Nigeria National Petroleum Corporation (NNPC).

ý”It is hard to put in words the level of frustration Nigerians have had

to face with the NNPC and indeed the oil industry; the impact of this on

the wider economy and the level of inefficiency in the entire energy value

chain. We have an opportunity now to right the wrongs of the past. It

starts from our doing a thorough job of this assignment.

“If we could pause to imagine for one moment what the effect of a vibrant

oil sector driven by efficiency and innovation, would mean to the Nigeria

energy sector, power, textile industry, rice mills, the manufacturing

start-ups, assembly plants, manufacturing, agribusiness development in

general, aviation, communication, cost of doing business, insecurity,

service delivery, technology adoption, life expectancy of Nigerians both

in the rural and urban areas, SMEs and unemployment, etc. The implications

and ramifications are immense, indeed they are enormous. Therefore, we

cannot afford to fail, Nigerians will not afford half measures.”

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