The Speaker of the House of Representatives Hon. Abbas Tajudeen, on Wednesday, said that oil theft and other oil-related criminalities pose a great threat to the nation’s economy and remain the greatest economic sabotage that has left the country with dwindling revenue
The Speaker started this at the inauguration of a Special Ad Hoc Committee on Oil Theft to investigate the growing spate of pipeline vandalisation, illegal petroleum bunkering and theft.
In his address at the inauguration ceremony, the Speaker stated the resolve of the 10th House to “tackle one of the largest threats to Nigeria’s economy.”
Speaker Abbas decried that Nigeria loses over 300,000 barrels of crude oil per day due to theft, vandalism, and other criminal activities.
“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,” he warned.
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