Oil theft has been a problem in Nigeria long before the country began practicing democracy. Tajudeen Abbas has now set up a committee to look into the problem.
The Speaker of the House of Representatives, Tajudeen Abbas, has inaugurated a Special Committee on Oil Theft to tackle one of the largest threats to Nigeria’s economy.
Abbas said during the ceremony on Wednesday in Abuja, that Nigeria was losing an estimated 300,000 barrels of crude oil per day due to theft, vandalism, and other criminal activities.
According to him, some of the severe consequences of this include revenue loss, environmental disaster, threats to regional peace and security, proliferation of arms, and a poor investment climate.
The speaker said that the nation was reported to be incurring losses of oil revenues estimated at ₦1.29 trillion annually due to industrial-scale theft.
He explained that the committee’s primary objective was to determine the proximate and remote causes of oil theft and recommend remedial measures to the parliament.
“We set up this special committee to underscore our unwavering commitment to protect the nation’s resources for the good of all our citizens and to punish the perpetrators of these dreadful crimes.
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“I charge you, therefore, to investigate all dimensions of oil theft, focusing on the actions of all actors, including criminal gangs, militia groups, the local populace, company employees, and security agencies.
“I urge the members of this committee to approach your mandate with diligence, objectivity, sense of urgency, and patriotism.
“The findings and recommendations from your work will also serve as a foundation for sustainable solutions rather than ad hoc measures.
“I also expect your efforts to contribute significantly to enhancing the integrity of our oil sector and promoting sustainable development.
“I call upon all stakeholders, including government agencies, industry players, security agencies, civil society organizations, and the general public, to extend their full cooperation to this special committee for it to deliver on its mandate,” he said.
