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Home Breaking News House of Reps moves to halt huge revenue loss to crude oil...

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 led to the loss of over one billion dollars in revenue.

Rep. Benjamin Kalu, Deputy Speaker of, the House of Representatives, said this during the presentation of the report of an 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 Rep. Kabiru Rurum following the adoption of a motion sponsored by Rep. Phillip Agbese (APC-Benue).

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 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.

It would be recalled that Agbese, who sponsored the 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 allegedly complicit and largely responsible for facilitating most of the oil theft in the Niger Delta.

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