Politics
House Of Representatives Takes Action To Curb Massive Revenue Loss From Crude Oil Theft
The House of Representatives intends to introduce legislative measures to curb crude oil theft, which has resulted in a revenue loss of over one billion dollars…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Benjamin Kalu, the Deputy Speaker of the House of Representatives, made this announcement while presenting the report from the ad hoc committee investigating crude oil theft and revenue loss in the oil and gas sector.
Kalu emphasized that crude oil theft is responsible for more than $1 billion in losses, a significant portion of the national budget.
He expressed concern that this illegal activity hinders the government’s ability to execute essential projects for Nigeria’s advancement and undermines investor confidence in the oil and gas sector.
Furthermore, the Deputy Speaker noted that oil theft hampers the government’s capacity to secure loans from Development Partners for critical development projects.
The 10th Assembly is committed to supporting relevant Ministries, Departments, and Agencies (MDAs) of the Federal Government in addressing this issue.
It should be noted that a member of the House, Philip Agbese, previously raised alarm over reports that Nigeria lost $4 billion to oil theft in 2021 alone, at a rate of 200,000 barrels per day.
Agbese also expressed concerns about the alleged complicity of security agencies in facilitating much of the oil theft in the Niger Delta.
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