The House of Representatives has resolved to introduce legislative instruments to halt crude oil theft, which led to loss of over one billion dollars in revenue.
Deputy Speaker, House of Representatives, Benjamin Kalu, said this during the presentation of the report of 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 Kabiru Rurum following the adoption of a motion sponsored by Phillip Agbese (APC-Benue).
The Deputy Speaker said 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 the government’s ability to carry out critical projects for Nigeria’s prosperity.
Kalu said the menace also reduced confidence in 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 does its job.
