The House of Representatives\u00a0Ad-hoc Committee on the \u201cNeed to Investigate Crude Oil Theft and Loss of Revenue Accrued from the Oil and Gas Sector in Nigeria\u201d is set to hold a Public Hearing and has requested for memoranda from the public. This is following a resolution adopted by the\u00a0House of Representatives\u00a0in July 2023\u00a0to investigate crude oil theft and loss of revenue accruable from the oil and gas sector, based on a motion by Hon. Philip Agbese (APC: Benue State)<\/p>\n\n\n\n
In\nhis motion, Hon. Agbese stated that in recent times, the media\nhas been replete with news on the loss of trillions of Naira as a\nresult of crude oil theft and loss of revenue from Oil and Gas exploration in\nthe country. He further noted that according to reports, about 40 percent of\ncrude oil loss is due to inaccuracies in measurement and theft as metering\nerrors continue to occur as a result of poor maintenance of metering\nfacilities, thus resulting to lack of transparency in hydrocarbon accounting.<\/p>\n\n\n\n
His\nmotion further highlighted concerns about reports which revealed that in\n2021 alone, Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels\nper day, as well as allegations of security agencies being complicit\nand largely responsible for facilitating most of the oil theft in the Niger\nDelta. He cited a 2022 report by the Nigerian Extractive Industry\nTransparency Initiative (NEITI) which averred that about 619.7 million barrels\nof crude oil, valued at $46.16billion have been stolen in the last 12 years.\nThe motion also raised concern about allegations that the NNPC Ltd and the\nNigerian Upstream Petroleum Regulatory Commission (NUPRC) connive with national\nand multinational oil and gas companies to sabotage efforts to ensure an\neffective running of metering facilities at the well heads, flow stations, and\nloading platforms.<\/p>\n\n\n\n
Just\nrecently, the National Security Adviser, Mallam Nuhu Ribadu expressed\nsimilar concerns when he stated that Nigeria loses 400,000 barrels of crude\noil daily, valued at about 4 million dollars, due to the activities\nof oil thieves and pipeline vandals.<\/p>\n\n\n\n
The\noil and gas sector is a critical sector of Nigeria\u2019s\neconomy and contributes significantly to the GDP of the country. In\nthe words of the motion, \u201cif crude oil theft is allowed to go on unhindered, it\nwill only lead to devastating consequences to the country\u2019s economy and impact\nthe environment, health and social life of the host communities.\u201d This is not\nprophetic as it can be argued that these devastating consequences are already\nbeing felt in the affected region and by the country at large.<\/p>\n\n\n\n
As\npart of its mandate to investigate this matter, the Committee has invited\nindustry stakeholders as well as interested civil society groups to submit memos.\nThe date slated for the hearing is 8th<\/sup> and 9th<\/sup> September\n2023 at the House of Representatives New Building. Memos are expected to reach\nthe committee secretariat at Room 205, White House, House of Representatives,\nbefore this date. <\/p>\n","protected":false},"excerpt":{"rendered":" The House of Representatives\u00a0Ad-hoc Committee on the \u201cNeed to Investigate Crude Oil Theft and Loss of Revenue Accrued from the Oil and Gas Sector in Nigeria\u201d is set to hold a Public Hearing and has requested for memoranda from the public. This is following a resolution adopted by the\u00a0House of Representatives\u00a0in July 2023\u00a0to investigate crude […]<\/p>\n","protected":false},"author":2,"featured_media":3367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=3362"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3362\/revisions"}],"predecessor-version":[{"id":3368,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3362\/revisions\/3368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/3367"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=3362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=3362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=3362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}