House of Reps moves to halt huge revenue loss to crude oil theft

The House of Representatives has resolved to introduce legislative instruments to halt crude oil theft which has led to loss of over one billion dollars in revenue.

Benjamin Kalu, Deputy Speaker, House of Representatives, said this during the presentation of the report of the ad hoc committee investigating crude oil theft and loss of revenue in the oil and gas sector.

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 lamented that the scourge of oil theft impedes government’s ability to carry out critical projects for Nigeria’s prosperity.

Kalu said the menace has also reduced the confidence of investors in the oil and gas sector.

He added that it hindered the ability of government to procure loans from Development Partners for expenditure on critical developmental projects.

Kalu said the 10th Assembly’s would do all within its powers to support all relevant Ministries, Departments and Agencies (MDAs) of the Federal Government.

it would be recalled that a member of the House, Philip Agbese, had in a motion expressed grave concern over reports which revealed that in 2021 alone, Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day.

He noted that the figures had risen since then, while decrying the allegation that security agencies were complicit and largely responsible for facilitating most of the oil theft in the Niger Delta.

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