House of Representatives yesterday mandated its Committee on Commerce to investigate the activities of Nigeria Export Promotion Council, NEPC, in relation to crude oil exportation.
The House expressed concerns that despite the establishment of the council over four decades, Nigeria had continued to rely on the exportation of crude oil which accounts for 70 percent of government’s revenue.
The resolution followed the adoption of a motion sponsored by Hon. Abdulahi Umar Faruk (Kebbi, APC) titled ‘Need to Access the Level of Export Promotion in Nigeria.’
Leading the debate on the floor of the House, Faruk expressed concerns that there was massive importation of foreign goods over the years that had affected the country negatively.
He said the situation had led to a serious depletion of its foreign reserve and scarcity of foreign exchange for international transactions.
The lawmaker hinted that agricultural products which used to be the mainstay of the nation’s economy before the discovery of oil had been relegated to the background, thereby resulting in the inability of the citizens to produce enough food for local consumption.
Faruk pointed out that there was urgent need to support government efforts to diversify the economy from oil production to non oil exports in order to increase the nation’s foreign exchange earnings.
The House unanimously adopted the motion and referred it to the House Committee on Commerce to probe the activities of the government agency and report back in six weeks.

READ ALSO  Boko Haram: Troops intercept, kill suicide bomber at Dala in Maiduguri