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House Speaker Abbas Tajudeen said on Wednesday that the 10th Congress will significantly increase the targets for all government revenue agencies in 2024.
He said most government agencies could make far more money by stopping waste and leaks than they currently do.
He also said that industrial-scale theft costs the country an estimated N1.29 trillion in oil revenue losses annually.
The Speaker made these remarks as he launched the Special Task Force on Oil Theft to investigate the proliferation of pipeline vandalism, illegal oil bunkering and theft.
The committee will be chaired by former House Majority Leader, Alhassan Addo Dogwa, who represents Dogwa/Tudunwada Federal Constituency in Kano State.
Prime Minister Abbas further lamented that oil theft and other oil-related crimes remain the biggest economic sabotage, reducing the country’s revenue.
Prime Minister Abbas pointed out that Nigeria loses more than 300,000 barrels of oil per day to theft, vandalism and other criminal activities, and said the 10th House of Representatives would “address one of the biggest threats to Nigeria’s economy”. expressed his determination.
“The serious consequences of this include loss of income, environmental disasters, threats to regional peace and security, weapons proliferation, and a poor investment climate,” he warned.
He said the committee’s main objective is to identify the immediate and remote causes of oil theft and recommend remedial measures to the House.
Chairman Abbas said: “Nigeria faces significant fiscal challenges due to a combination of increased expenditure and decreased revenue. Proposed revenue and expenditure for 2023 are 9.73 trillion naira and 20.51 trillion naira, respectively. You may remember that it is Naira. This means a fiscal deficit of 10.78 trillion Naira, which is approximately 4.78% of the Gross Domestic Product (GDP). This deficit is the largest in Nigeria’s history and We have a budget that is more than double the projected revenue and we face the challenge of borrowing to make up the difference.”
“For this reason, the House of Commons will significantly increase the targets for all government revenue agencies. I am confident that these agencies will be able to deliver much more than they currently do. 2024-2026 In our recent work with MDA on the We expect revenue profiles to double. But to achieve this, these institutions will need to reduce waste and improve efficiency, particularly in collection.”
In addition to this, the Chairperson said revenue-generating institutions need to ensure transparency in the management of the revenue generated. “Let me be clear: the House will not tolerate poor performance by government agencies or failure to provide evidence of required transfers to Federation accounts. “We will closely monitor and exercise strict supervision over the activities of revenue-generating institutions,” he declared.
Prime Minister Abbas noted that the House of Representatives had established a special committee to underline its unwavering commitment to protecting the country’s resources for the benefit of all citizens and punishing the perpetrators of these horrific crimes.
“I therefore order you to investigate all aspects of the oil theft, focusing on the actions of all actors, including criminal organizations, paramilitary groups, local residents, company employees and security agencies.”
“I urge the members of this committee to approach their mission with diligence, objectivity, urgency, and patriotism. Rather than a countermeasure, it serves as the basis for sustainable solutions. We also hope that your efforts will make a significant contribution to improving the health of our nation’s oil sector and promoting sustainable development. ”
In his opening remarks, Dogwa said that while oil theft was a matter of national importance, the House of Representatives had “taken important and bold steps” to crack down on the crime.
“The problems of oil theft and pipeline vandalism are not new to us, nor are they unique to Nigeria as a nation. But they remain a persistent threat to our economy, ecosystem and national security. Yes,” Dogwa said.
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Source: guardian.ng