Senate demands Kachikwu’s explanation on 115 billion dollars crude oil transaction with Indian

Following a recent memorandum of understanding signed by the minister of state for petroleum, Ibe kachukwu with an Indian firm worth over 100 billion dollars for crude oil transactions, the Senate on Tuesday asked its joint Committee on Petroleum (upstream and downstream), to invite the minister of state to give further explanation on the transaction.

In a sponsored motion by Senator Clifford Ordia (Edo Central) the MoU was such that Indian government would pay an upfront of 15 billion dollars.

He added that the foreign firms will spend over 80 billion dollars on investment on oil and gas, development of infrastructures, a situation he said, ought to have been reverted to the upper chamber before such arrangements took place.

Senator Abdullahi Adamu in his contribution pointed that it was not wrong, noting that MoU was a mere expression of intention, saying, they can revert to the Senate only when it graduates into agreement.

The Senate President on his part commended the Minister of Petroleum Resources, describing it as a welcome development which tends to help the nation economically.

“I must commend the minister of state on this. I think this is a development that will boost our foreign reserves and strengthen our currency. The Committee should ask for further explanations,” Saraki noted.

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