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The Speaker of the Nigerian House of Representatives, Hon. Tajudeen Abbas has inaugurated a Special Ad Hoc Committee on Oil Theft to investigate the growing wave of pipeline vandalism as well as illegal oil exploration and theft in the country.
The President of the Chamber, in his speech at the inauguration ceremony on Wednesday, November 22, affirmed the determination of the 10th Chamber to face the problem.
Abbas lamented that Nigeria loses more than 300,000 barrels of crude oil per day due to theft, vandalism and other criminal activities.
“Some of the serious consequences of this include loss of revenue, environmental disasters, threats to regional peace and security, weapons proliferation and a weak investment climate.
“The nation is reported to have suffered loss of petroleum revenue estimated at N1.29 billion annually due to industrial scale theft,” he stated.
“Nigeria faces significant financial challenges due to a combination of rising expenses and falling revenues. You will recall that the proposed revenue and expenditure for 2023 are N9.73 trillion and N20.51 trillion respectively.
“This means a fiscal deficit of N10.78 billion, which represents about 4.78 percent of the Gross Domestic Product (GDP). This deficit is the largest in Nigeria’s history and with a budget more than double the proposed revenues, we face the challenge of borrowing to cover the gap,” he added.
“Abass stated that it is for this reason that the House will significantly increase targets for all government revenue generating agencies.
“I am convinced that these agencies can generate much more than they currently do. In our recent engagement with MDAs on the 2024-2026 MTEF, we made clear that much more will be required of our key revenue-generating agencies in 2024.
“We expect them to double their total annual revenue profile. However, to achieve this, these agencies must reduce waste and improve efficiency, especially in collection,” he added.
“Let me state clearly that the House will not tolerate poor performance by agencies or failure to present evidence of remittances required into the Federation account. We will also closely monitor and conduct strict oversight of the activities of all revenue-generating agencies to ensure compliance.
“I therefore urge you to investigate all dimensions of oil theft, focusing on the actions of all actors, including criminal gangs, militia groups, the local population, company employees and security agencies.
“I urge the members of this committee to approach their mandate with diligence, objectivity, a sense of urgency and patriotism. The conclusions and recommendations from their work will serve as a basis for sustainable solutions, rather than ad hoc measures.
“I also hope that their efforts will significantly contribute to improving the integrity of our oil sector and promoting sustainable development,” he said.
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Source: www.lindaikejisblog.com