Trust Africa News gathered that the Petroleum Industry Act, 2021, introduced the Frontier Exploration Fund to support exploration and development in Nigeria’s frontier acreages.
These areas include regions like Anambra, Dahomey, Bida, Sokoto, Chad, and Benue where hydrocarbon exploration is yet to occur or remains undeveloped. The PIA further stated that the Fund, constituting 30% of NNPC’s “profit oil and profit gas” from various contracts, will finance exploration and development activities in these frontier acreages.
Raised as a matter of urgent public importance by Honourable Billy Osawuru on Wednesday, the house noted that the funds were spent without approval by the National Assembly, as stipulated in the PIA.
According to the house, the funds run into millions of dollars, adding that the action of the NNPCL was an affront to the management of public finances and grave financial misconduct.
The House then mandated its relevant committees, to investigate the matter within four weeks.
This is as the Senate, in October 2023, also said it would investigate the state oil company over the lack of funds to explore and develop new frontier acreages.
