The House of Representatives is taking steps to put an end to the massive financial loss caused by crude oil theft

The House of Representatives has made the decision to move on with the introduction of legislative instruments to put an end to the theft of crude oil, which has resulted in a revenue shortfall of more than one billion dollars.

During the presentation of the findings of the ad hoc committee examining crude oil theft and loss of income in the oil and gas sector, Benjamin Kalu, the Deputy Speaker of the House of Representatives, made this statement.

According to the Deputy Speaker, oil theft is responsible for a loss of more than one billion dollars, which is a significant portion of the national budget.

He bemoaned the fact that the problem of oil theft makes it difficult for the government to carry out vital initiatives that are necessary for Nigeria’s development.

According to Kalu, the threat has also undermined the trust of potential investors in the oil and gas industry.

He went on to say that it made it more difficult for the government to obtain loans from development partners for the purpose of spending such money on essential development projects.

Kalu stated that the 10th Assembly would help all relevant Ministries, Departments, and Agencies (MDAs) of the Federal Government by doing everything that was in its ability to do so.

It should be recalled that a member of the House named Philip Agbese had voiced severe worry in a motion on findings that revealed Nigeria lost $4 billion to oil theft in 2021 alone at a pace of 200,000 barrels per day. This is something that should be brought to the attention of the House.

He mentioned that the numbers had increased since then, while denouncing the claim that security agencies were complicit and primarily responsible for aiding the majority of the oil thefts in the Niger Delta. He said this while pointing out that the figures had increased since then.(NAN)