The House of Representatives has resolved to launch an investigation into the loss of over $60 billion in revenue attributed to inflated cash calls by the Nigerian National Petroleum Company Limited (NNPCL) Joint Venture agreements. The decision was made following a motion moved by Hon. Chika Okafor during plenary.
Okafor highlighted that the NNPCL, representing the federal government, operated joint ventures with private oil companies, and the bloated cash call costs led to significant losses over the years. The House mandated the Committees on Finance and Petroleum Resources (Upstream) to conduct a comprehensive investigation into all NNPCL Joint Venture Operations.
House Urges Adoption of Chinese Yuan to Mitigate Naira Depreciation
The House of Representatives has also urged the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies. This decision came after a motion presented by Hon. Jafaru Leko. Leko argued that adopting the Chinese Yuan could help mitigate the adverse effects of naira depreciation, reduce risks associated with exchange rate fluctuations, and enhance Nigeria’s economic stability.
The House mandated its Committees on Banking Regulations, Banking and Other Ancillary Institutions to liaise with the Central Bank of Nigeria to explore mechanisms, policies, and partnerships required for the adoption of the Chinese Yuan and report back within four weeks for further legislative action.