The House of Representatives has set up a 13-man committee to investigate and determine the volume of oil extracted in the country on a daily basis.
The lawmakers took the unanimous decision after adopting a motion by Chukwuma Umeoji (APGA, Anambra) at the plenary on Thursday.
The committee led by Deputy Leader, Peter Akpatason, was mandated to ascertain the quantity of oil stolen on a daily basis “and the people responsible for the theft.”
Moving the motion, Mr Uneoji said that Nigeria losses about N5 trillion yearly from oil theft.
According to him, this was an amount that the Government desperately needs to finance the budget.
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Mr Umeoji said that about 22 million barrels of crude oil amounting to about N1.3 trillion were stolen in the Niger Delta in 2019 alone.
The lawmaker said that oil theft is not only an economic loss, but also causes environmental damage due to breaches on oil pipelines and the incidents are on the upsurge.
The house then mandated the committee to determine the quantity of crude oil sold at the International markets and the quantity consumed locally.
The house also mandated the committee to ascertain the level of ecological damage caused by oil theft in the zone.
The deputy speaker of the house, Ahmed Wase, mandated the committee to report back in eight weeks for further legislative action.