Ribadu The Petroleum Revenue Special Task Force will explore ways to boost government revenue, it was learnt at the weekend.
Led by former anti-corruption czar, Malam Nuhu Ribadu, the Task Force is set to create new revenue opportunities in addition to its core assignment of determining all petroleum upstream and downstream revenue.
A source close to the taskforce said it will explore how to plug loopholes by demanding the review and strengthening of applicable laws.
The source said: “The task force sees its mandate as a huge responsibility. It will therefore be proactive and far-reaching in carrying out that mandate without going outside its terms of reference.
“It will carry out an analysis of existing laws and crude swap agreements to identify areas that need to be strengthened to plug loopholes and wastages.
“The analysis will also enable the taskforce determine if there are laws that need a review with a view to boosting revenue that come from the by-products of crude production and exploration.
“Don’t forget that the chairman is a man of integrity who would want to protect his reputation. And remember that members of the committee are Nigerians of repute.
“So, expect to see far reaching recommendations even as it concerns petroleum pricing, because at the end of the day, they would not want to disappoint Nigerians.
“They would rather want a pricing regime that Nigerians will support even if subsidy is removed in order to end rent seeking revenue losses. This will all be done in the interest of Nigerian.”
The Minister of Petroleum Resources, Mrs. Diezani Alison- Madueke named the 2011 Presidential candidate of the Action Congress of Nigeria (ACN) as the chairman of task force to achieve probity and accountability in the petroleum industry.
The taskforce, which also has the former Head of Service of the Federation, Mr. Steve Oronsaye as a member is mandated to “work with consultants and experts to determine and verify all petroleum upstream and downstream revenue (taxes, royalties, etc. due and payable to the Federal Government of Nigeria.”
The taskforce was urged to take all necessary steps to collect all debts due and owing; to obtain agreements and enforce payment terms by all oil industry operators.
The minister directed the taskforce to develop an automated platform to enable effective tracking, monitoring, and online validation of income and debt of all drivers of parastatals and agencies of the ministry.
It was also mandated to work with word-class consultants to integrate system and technology across production chain to design and monitor crude oil production and exports, ensuring at all times, the integrity of payment to the Federal Government of Nigeria.
Other members Malam Abbah Kyari, Mr. Benedicta Molokwu, Mr. Spo Sasore (SAN), Mr. Tony Idigbe (SAN), Mr. Tony Idigbo (SAN), Mr. Olisa Agbakoba (SAN), Itulah Ighodalo and Dr. Mrs Omolara Akanji and others.
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