Reps sets to halt crude oil theft

Reps sets to halt crude oil theft

The House of Representatives has resolved to introduce legislative instruments aimed at halting crude oil theft, which has resulted in the loss of over one billion dollars in revenue.

During the presentation of the report of an ad-hoc committee investigating crude oil theft and loss of revenue from Oil and Gas, Rep. Benjamin Kalu, Deputy Speaker of the House of Representatives, stated this 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 of the house of representatives, Rep. Benjamin Kalu stated that oil theft accounts for the loss of over $1 billion which represents a huge percentage of the national budget.

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

He said the menace also reduced the confidence of investments in the oil and gas sector.

Mr 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 do their job.

It would be recalled that Mr Agbese, who sponsored the motion, had 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.

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