Tuesday, February 21, 2017

Nigeria Loses N23.6bn Over Non-documentation Of Oil & Non-oil Export Activities Since 2015


A new revelation has shown how export activities from Nigeria have been carried out without any documentation at all for years. The Nigerian Senate was on Monday told that Nigeria has since June 2015, been exporting its oil and non-oil products without any documentation. This was just as it heard that the development has made the country loose over N23.6 billion expected to be repatriated proceeds of the export within the period.

Also, on its own, the Senate alleged discovery of over $850 billion supposedly earned by the country between 1996 and 2014 from its crude oil export proceeds which it alleged was yet to be repatriated to the country by the Joint Venture Oil Companies, a development it noted, was in total contravention of Nigeria’s Pre-shipment Inspection of Export Act and Article 26 of Export Policy Guidelines and procedures for crude oil, Gas and non-oil goods.

The various revelations were made, Monday, during an investigative public hearing organized by a Joint Committee of the Senate Committees on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, Insurance and Other Financial Institutions, Judiciary, Human Rights and Legal Matters, and Customs, Excise and Tariff on the “Need to Investigate Pre Shipment Inspection of Export Activities in Nigeria.
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