The Nigerian House of Representatives has announced plans to raise revenue targets for all revenue-generating Ministries, Departments, and Agencies (MDAs) in a bid to address budget deficits. Speaker Abbas Tajudeen disclosed this on Wednesday during the inauguration of the House Special Ad-hoc Committee on Crude Oil Theft. Tajudeen highlighted the significant challenge faced by the country, with an estimated daily loss of 300,000 barrels of crude oil due to theft, vandalism, and criminal activities.
Expressing concern over the dwindling government revenue, the Speaker emphasized that Nigeria incurs annual losses of oil revenues amounting to an estimated N1.29 trillion due to industrial-scale theft. In response to these challenges, the House aims to proactively address crude oil theft and safeguard national resources.
The newly established special ad-hoc committee has been assigned the task of identifying both immediate and underlying causes of oil theft. Additionally, the committee is expected to recommend effective measures to curb this menace and protect national resources. The Speaker underscored the House’s commitment to protecting the country’s resources for the benefit of all citizens and to punish those engaging in economic sabotage.
The committee’s mandate includes investigating various dimensions of oil theft, with a focus on the actions of different actors involved, such as criminal gangs, militia groups, local communities, company employees, and security agencies. The goal is to gain a comprehensive understanding of the factors contributing to crude oil theft and propose targeted interventions to mitigate the impact on the nation’s revenue.
This initiative reflects the Nigerian government’s determination to address the multifaceted challenges surrounding crude oil theft, promote accountability in resource management, and strengthen revenue-generation mechanisms to support the country’s economic development.
