THE Federal House of Representatives has resolved to introduce legislative instruments to halt crude oil theft that has led to the loss of over one billion dollars in revenue.
Deputy Speaker of the Federal House of Representative Benjamin Kalu made this submission on October 19, 2023, during the presentation of the report of an ad-hoc committee investigating crude oil theft and loss of revenue from Oil and Gas at the end of the week’s legislative activities.
The motion was referred to the ad-hoc committee chaired by Rep. Kabiru Rurum following the adoption of a motion sponsored by Rep. Phillip Agbese (APC-Benue)
The deputy speaker stated that oil theft accounts for the loss of over $1 billion, which represents a huge percentage of the national budget.
He stressed that the scourge of oil theft impedes government’s ability to carry out critical projects for Nigeria’s prosperity.
Kalu said the menace also reduced the confidence of investments in the oil and gas sector.
He added that it hindered the ability of the government to procure loans from Development Partners for expenditure on critical developmental projects.
Kalu said the 10th Assembly would do all within its powers to support all relevant ministries, departments and agencies (MDAs) of government.
This is to ensure the halting of this economic sabotage do their job.
The ICIR has earlier reported that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion from 2009 to 2020, according to a report from the Nigerian Extractive Industries Transparency Initiative (NEITI).
This loss is from theft and sabotage, amounting to losing over 140,000 barrels of crude valued at $10.7 million daily.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.