Nigeria losing $20.4billion to crude oil theft annually –Gbajabiamila

The speaker of the House of Representatives, Femi Gbajabiamila, yesterday, said  the country is losing  about $20.4 billion annually to crude oil theft.
Gbajabiamila stated this while declaring open an investigative hearing organised by the House Ad-hoc Committee on crude oil theft.
The speaker, who was represented by the House Leader, Alhassan Ado-Doguwa, described crude oil theft as the worst kind of economic sabotage. Regardless, he stated that the parliament is committed to identifying the factors responsible for the menace.
According to him, “crude oil theft and the attendant damage to oil and gas assets across the country destroys the environment, puts the lives of our citizens at risk and undercuts government revenue and compromises government’s ability to meet our nation’s developmental challenges.

“It is the worst kind of economic sabotage for which there is no viable defence or excuse. Those who engage in these acts of sabotage do so with the full awareness that their actions are inimical to the continued viability of the Nigerian state, yet they persist.
“Their persistence in this nefarious conduct must motivate the rest of us who bear the consequences of their actions to act in unison to identify those responsible and ensure that they are fully held accountable as allowed by law.
“However, beyond that, we have a responsibility to conduct a more holistic assessment to understand whatever underlying factors have caused this action to continue and the perpetrators to continue to benefit therefrom.
“It is estimated in some quarters that crude oil theft in Nigeria costs us about 400,000 barrels per day. This is equal to a revenue loss of about 1.7 billion dollars per month and 20.4 billion dollars annual. These are monies that should have been appropriated to improve our standard of education and better road for Nigerians.
“At a time when global oil prices are in free fall, this is a substantial loss that we cannot afford and must no longer abide.
“There have been several interventions by the Federal Government of Nigeria to prevent crude oil theft in the country. The National Assembly: House of Representatives and Senate have at various times conducted investigations into the matter.
“Yet, the situation persists. What are we not getting right? What do we need to do going forward? These are the questions that must now animate the minds and seize the attention of this Ad – Hoc Committee.