The House of Representatives has resolved to introduce legislative instruments to halt crude oil theft, which led to loss of over $1 billion in revenue.
Benjamin Kalu, deputy speaker of the House, said this during the presentation of the report of ad hoc committee investigating crude oil theft and loss of revenue from Oil and Gas at the end of the week’s legislative activities.
The report was referred to the Ad-hoc Committee chaired by Kabiru Rurum, following the adoption of a motion sponsored by Phillip Agbese (APC-Benue)
The deputy speaker stated that oil theft accounts for the loss of over $1 billion which represents a huge percentage of national budget.
He lamented that the scourge of oil theft impedes government’s ability to carry out critical projects for Nigeria’s prosperity.
Mr Kalu said the menace also reduced the confidence of investments in the oil and gas sector.
He added that it hindered the ability of government to procure loans from development…