This session focused on the audit reports (2021-2023) by the Nigeria Extractive Industries Transparency Initiative (NEITI) concerning the oil and gas sector. Shehu also disclosed that N1.20 trillion was deducted from the federation’s crude sales proceeds, alongside additional financial implications: N16.20 billion from crude and product losses, N22.05 billion for pipeline repairs, and N6.75 billion for strategic stockholding.

Furthermore, Shehu criticized the computation method for the derivation objective, stating that the current practice of calculating the 13% derivation on the revenue balance after deductions contradicts the original intent of the derivation system.

During the proceedings, the submission from the Niger Delta Development Commission (NDDC) was deferred by the committee, led by Sen. Ibrahim Dankwambo from Gombe North, allowing members to review the report for reappearance on August 12. Dankwambo expressed dissatisfaction with the Auditor-General of the Federation’s absence at the session, prompting threats of enforced attendance through the National Assembly’s powers if the Auditor-General did not appear the following Tuesday.