Reps move to tackle N1.29trn annual crude oil losses

The Speaker of the House of Representatives, Abbas Tajudeen on Wednesday inaugurated a Special Committee on Crude Oil Theft/Losses as part of his commitment to curb annual oil revenue losses estimated to stand at N1.29 trillion. The Speaker during the inauguration of the special committee chaired by Alhassan Ado Doguwa (APC, Kano), described crude oil […]

The Speaker of the House of Representatives, Abbas Tajudeen on Wednesday inaugurated a Special Committee on Crude Oil Theft/Losses as part of his commitment to curb annual oil revenue losses estimated to stand at N1.29 trillion.

The Speaker during the inauguration of the special committee chaired by Alhassan Ado Doguwa (APC, Kano), described crude oil thefts as one of the largest threats to Nigeria’s economy which must be tackled.

He said it is estimated that Nigeria loses over 300,000 barrels of crude oil per day due to theft, vandalism, and other criminal activities. 

Abbas said some of the severe consequences of such thefts include revenue losses, environmental disaster, threats to regional peace and security, proliferation of arms, and a poor investment climate.

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“The nation is reported to incur losses of oil revenues estimated at N1.29 trillion annually due to industrial-scale theft. Therefore, this committee’s primary objective is to determine the proximate and remote causes of oil theft and recommend remedial measures to the House,” he said.

He said Nigeria is facing significant financial challenges due to a combination of rising expenditures and falling revenues, hence, the urgent need to address crude oil thefts and save more revenues for the country.

“It is for this reason that the House will significantly raise the targets for all government revenue-generating agencies.

“I am convinced these agencies can generate much more than they currently do. In our recent engagement with MDAs on the 2024-2026 MTEF, we have made it clear that a lot more will be required of our key revenue-generating agencies in 2024”, he said. 

He warned that the House will not tolerate low performance by agencies or failure to show evidence of required remittances to the Federation Account.