House lawmakers summon ministers over 48 million barrels crude theft
The House of Representatives has summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed and the Attorney General of the Federation, Abubakar Malami over an allegedly undeclared sum of $2.4 billion in crude oil sales.
The ad hoc committee investigating alleged theft of Nigeria’s 48 million barrels of crude oil in China, issued the summons at its formal opening on Tuesday.
The committee however took exception to the absence of the Ministers of Finance and Justice as well as other key government figures it believes are crucial to its assignment.
The investigative hearing is in response to a whistle blowers’ account of an alleged theft of 48 million barrels of crude oil worth over $2.4 billion.
The Ad hoc committee is also investigating the quantum of crude oil export in Nigeria between 2014 and 2022 aside the whistle blowers revelations and recoveries, to which the government has confirmed.
Speaker Femi Gbajabiamila laments the endemic corruption in the system.
He promises to protect the Whistle Blowers with an assurance the bill will be passed in good time.
Other invited heads of agencies include the Executive Secretary of NEITI, the Accountant General of the Federation, Nigerian Regulatory Upstream Commission and a number of oil companies.
Nigeria’s oil and gas sector, especially crude oil remains its main economic stay accounting for 95% of foreign exchange earnings.
In 2022, government pegged daily crude oil production at 1.88 million barrels per day but that projection remained only on papers as the target was never met.
Instead, production dropped below 1 million barrels with an attendant revenue loss to the country.
Statistics show that corruption remains a major obstacle to the nation’s development and crude oil theft leads the pack.
It is reported that about $700 million worth of crude oil is stolen every month in Nigeria.
Available data also indicates that Nigeria may lose $23 billion this year to crude oil theft.
The Code of Conduct Bureau also gives an insight to the scale of corruption that has engulfed Nigeria’s oil and gas
