The Nigerian Senate has set up a nine-member ad hoc committee to examine the financial losses and leakages contained in the 2013 Nigeria Extractive Industries Transparency Initiative, NEITI, audit report.

The Executive Secretary of NEITI, Waziri Adio, had earlier on Wednesday briefed the senate on the content of the report.

The lawmakers subsequently resolved to investigate loss of revenue contained in the report.

In his remarks, the President of the Senate, Bukola Saraki, announced the Chairman, Senate Committee on Petroleum (Downstream), Jibrin Barau, as chairman of the ad hoc committee.

Barau said that the “outrageous’’ amount of money lost in the oil and gas sector as contained in the report would be taken seriously by the National Assembly.

He said the committee will scrutinize the financial loss and leakages to government and come up with measures to tackle the problem.

“The terms of reference are that the committee is to re-examine the financial processes and the fiscal audit report of the NEITI, the financial loss and leakages to government and all its ramifications.

“The others are remedial measures and sanctions where necessary, and of course and more importantly, any relevant legislative action that will be required to block all forms of leakages,’’ he said.

The members of the committee are Senators Tayo Alasoadura, who is the Chairman, Petroleum (Upstream); Bassey Akpan, Chairman, Committee on Gas and John Enoh, Chairman, Finance Committee.

Others are Senators Chukwuka Utazi, Chairman, Anti-Corruption Committee; Kabir Marafa, Solomon Adeola and Bukar Mustapha.

The committee is expected to complete its assignment and report back to senate in four weeks.