The Speaker of the House of Representatives, RT Honorable Tajudeen Abbas, has declared that the House will not accept subpar performance from agencies or a failure to demonstrate evidence of required remittances to the Federation Account. Speaking in Abuja during the inauguration of the House Special Committee on Crude Oil Theft, Abbas emphasized the House’s commitment to closely monitoring and rigorously overseeing the activities of all revenue-generating agencies to ensure compliance.
Abbas highlighted the severe consequences of crude oil theft, including revenue loss, environmental disasters, threats to regional peace and security, proliferation of arms, and a deteriorating investment climate. The Speaker expressed concern that Nigeria reportedly suffers annual losses of oil revenues estimated at N1.29 trillion due to industrial-scale theft.
Reminding the committee of its primary objective, Abbas emphasized the need to determine the causes of oil theft and recommend remedial measures to the House. In the face of significant financial challenges, with a deficit for 2023 standing at N9.73 trillion and N20.51 trillion for Ministries, Departments, and Agencies, Abbas warned against any performance shortcomings from these entities.
Chairman of the House Special Committee on Crude Oil Theft, Hon. Alhassan Doguwa, echoed these concerns in his welcome address, lamenting that the country has yet to fully harness its natural resources due to ongoing crude oil theft. Doguwa expressed worry that recommendations to address crude oil theft in the country have been left unattended on shelves, underscoring the urgency of the committee’s work.