TRADE Union Congress of Nigeria, TUC, has called on the Federal Government to immediately revisit and review the privatization exercise in the power sector, claiming that the privatization was a broad day robbery.

Oil, gas and power firms owe banks in the country about N3.931 trillion as at the end of December 2015, according to latest data released by the Central Bank of Nigeria, CBN.

Nigeria lost a potential for 3000 megawatt power, between January and February 2016, as oil and gas companies operating in the country flared 42.7 billion Standard Cubic Feet, BCF, of gas in the period under review.

Nigerian National Petroleum Corporation, NNPC, said it is making moves to make Nigeria self-sufficient in the supply of petroleum products, as the country suffers from constant fuel shortages.

In line with its anti-corruption drive, the Federal Government has been challenged to recover over N7.1trillion, being all the outstanding sums trapped in among individuals and operators in Nigeria’s petroleum industry.

When the President Muhammadu Buhari’s administration took over on the leadership of Nigeria on May 29th last year, it ignited a lot of hope and great expectations in view of his change mantra to tear down the walls of corruption and bring back good values for all Nigerians.

The Chairman, Blue Diamond Logistics, Mr. Uzoma Festus Mbisiogu has said that steady power supply in Nigeria, is critical to fast economic growth, hence, the federal government has no choice than to deliver.

Beginning from this month, Nigerians have kept their fingers crossed, waiting anxiously to see the queues disappear from the filling stations on account of petroleum products shortages, as promised by the Federal Government.

About N281 billion or $924.2 million in revenues remain un-reconciled due to unresolved issues in the oil and gas sector, the Nigerian Extractive Industries Transparency Initiative, NEITI reports have shown.

The Nigerian Navy has said that with the provision of machinery called maritime domain awareness (Vector protocols which is a surveillance system), petroleum theft or smuggling would soon be wiped out.