By Innocent Anaba
LAGOS — Former chairman of Economic and Financial Crimes Commission, EFCC, Malam Nuhu Ribadu, 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 would explore how to plug loopholes by demanding the review and strengthening of applicable laws.
The source, who spoke to Vanguard in Lagos, said: “The task force sees its mandate as a huge responsibility. It will 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.”