The House of Representatives Thursday resolved to investigate the loss of $21 billion, about N7.6 trillion, crude oil revenue to International Oil Companies (IOCs) operating in the country.

Consequently, the House resolved to set up an ad hoc committee to investigate the development and report back to it for further legislative action.

The resolution followed the consideration and adoption of a motion under matters of urgent public importance, moved by Honourable Sunday Marshall Katung (PDP, Kaduna), urging the House to ascertain the whereabouts of billion of dollars of oil revenue unaccounted for.

The Committee is also expected to investigate the operation of the Inland Basin Production Sharing Contract (PSC) and Nigerian National Petroleum Corporation (NNPC), as well as require the Minister of Petroleum Resources, Ibe Kachikwu to provide details of financial transactions between the NNPC and the IOCs during the period when the losses occurred.

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