Deputy Speaker Kalu noted that the effects of crude oil theft on the nation’s revenue leaves the government no choice but to borrow.
The House of Representatives on Thursday, has received the report of the Ad-hoc Committee on oil Theft.
Presenting the report, the chairman of the Ad-hoc Committee, Rep. Kabiru Alhassan Usman Rurum (APC, Kano) said: “That the House do receive the Report of the Ad–hoc Committee on the Need to Investigate Crude Oil Theft and Loss of Revenue Accrued from the Oil and Gas Sector in Nigeria” (HR. 62/07/2023) (Referred:12/6/2023).”
The investigation by the committee was a resolution of a motion on incessant cases of crude oil theft, which has stamped on the nation’s economic growth. by Rep. Philips Agbese (APC, Benue).
Agbese, who lamented the loss of trillions of Naira as a result of oil theft and loss of revenue from Oil and Gas exploration, expressed concern over reports that revealed that in 2021 alone, Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day, adding the figures have risen since then.
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It is noteworthy that the Committee as constituted held no public hearing or meeting that the press is aware of.
Before the report was laid, Deputy Speaker, Rep Benjamin Kalu, remarked that “Crude oil theft has a lot of negative effects on the Nigeria revenue space. When the government has less revenue it would resort to borrowing. I hope when the report gets to the Committee of the Whole, it will do a thorough job.”