The senate has invited Ibe Kachikwu, minister of state for petroleum resources, to give a detailed explanation on Nigeria’s multi-billion dollar oil deals with India and China.
In a motion on Tuesday, Clifford Ordia, a senator from Edo state, said Kachikwu had negotiated a $15bn investment with India.
According to him, the Indian government would make an upfront payment to Nigeria for crude oil purchases based on the deal.
He said both countries had agreed to sign a memorandum of understanding (MoU) to facilitate investments in Nigeria’s oil and gas sector and specifically in the areas of refining, oil and gas marketing, upstream ventures, and development of gas infrastructure.
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Odia also said the minister brokered for Nigeria an oil deal worth $80bn with some companies in China, but that an explanation was needed on the deals.
He, therefore, asked the upper legislative chamber to invite the minister to appear before its committees on petroleum upstream, downstream and gas to “give a detailed explanation of the subject matter of each memorandum of understanding signed in China and the proposed MoU with India and its anticipated impact on the Nigerian economy.”
The senate, thereafter, resolved to invite the minister.
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