From Lateef Taiwo

The House of Representatives has decried dwindling state of Nigeria economy even as it also warned revenue generating agencies of government against Wastegies.

The Speaker, Hon. Tajudeen Abbas who disclosed this yesterday during the official Inaugurate of Special Committee on Oil Theft revealed further that Nigeria is currently losing revenues estimated at N1.29 trillion annually in addition to daily lost of 300,000 barrel of oil due to industrial-scale theft.

Hon Abbas stated that the Special Committee on Crude Oil Theft/Losses remain another commitment of the 10th House under his leadership to tackle the largest threats to Nigeria’s economy.

He however, blamed most oil loss activities on vandalism as well other criminal activities being perpetrated by unscrupulous elements in the country.

The speaker lamented against the oil theft menace adding that severe consequences of this illegal act includes revenue loss, environmental disaster, threats to regional peace and security, proliferation of arms, as well as poor investment climate.

He reminded the Committee and it’ members of their primary objective which is to determine the proximate as well as the remote causes of oil theft in Nigeria and recommend remedial measures to the House for appropriate action.

He informed that Nigeria as a country is currently facing significant financial challenges due to a combination of rising expenditures and falling revenues.

The lawmaker however, disclosed that the proposed revenue and expenditure for 2023 stand at N9.73 trillion and N20.51 trillion, respectively adding that a fiscal deficit of N10.78 trillion, which is about 4.78% of the GDP.

This deficit, according to the speaker is the largest in Nigeria’s history even as he noted that the budget is more than double the proposed revenue.

Consequently, the speaker said with the current reality, Nigeria has no choice than to go into borrowing to cover the gap.

He equally promised the readiness of the 10th House under him to significantly raise the targets for all government revenue-generating agencies in the country.

While expressing the hope that revenue agencies could generate much more than they are currently doing for the best interest of all citizenry and the country at large.

The lawmaker recalled that the parliament engagement with MDAs on the 2024-2026 MTEF, have made it clear that a lot more will be required from key government revenue-generating agencies next year.

He however, suggested that to achieve the expected results, the speaker urged government agencies to do their best in reducing Wastegies in order to improve efficiency, especially in collection.

“Revenue-generating agencies must ensure transparency in the management of generated revenues. Let me state clearly that the House will not tolerate low performance by agencies or failure to show evidence of required remittances to the Federation Account”.

He promised the House readiness to ensure close monitoring of agencies as well as carry out strict oversight of the activities of all revenue-generating agencies in the country to ensure compliance.

“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”.

The speaker equally used the opportunity to charge the committee to thoroughly 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.

To members of the special committee on Oil Theft, the speaker advised:’ approach your mandate with diligence, objectivity, a sense of urgency and patriotism”.

It was gathered that the findings and recommendations from committee will serve as a foundation for sustainable solutions rather than ad-hoc measures.

Members of the committee and critical stakeholders which includes: government agencies, industry players, security agencies, civil society organizations, and the general public were advised to extend their full support and operation in order to deliver on its mandate.

He expressed optimism that with synergy, good investigation by the committee, enhance revenue, investment and overall socio-economic progress is possible in Nigeria.

In his address, the Chairman of the special Committee, Hon Alhassan Ado Doguwa explained that Nigeria is not able to reap the needed democracy dividend because oil theft.

The lawmaker stated that the need to address oil theft in the country should not be emphasized reiterating his committee readiness to surmount all challenges in order to deliver on it mandates to Nigerians.

According to Hon Doguwa, the problems of vandals, criminals element perpetrating oil theft in the country shall be address headlong.