Speaker decries negative impact of crude oil theft on national economy

Speaker of the House of Representatives, Femi Gbajabiamila has decried what he termed as a massive decline in the volume of crude oil exports, primarily due to theft and diversion by criminal elements.

He bemoaned the situation against the backdrop of the 2023 budgetary estimates fixed N20.51trn presented before the joint National Assembly by President Muhammadu Buhari today.

Gbajiabiamila said the criminal elements who engage in such activities are agents of economic sabotage, desperately wanting to bring the country to its knees, such actions constitute treason against the collective growth of the nation and requires the full weight of the law against them.

He said the mere word crude oil theft doesn’t sound palatable to most Nigerians. Hence the question that arises now is what are we doing about it.

“Therefore we are urging a swift and systemic overhaul of the systems in place to protect the country’s oil and gas resources. Evidently, the arrangements in place are no longer adequate. As such, there is an obvious need for improvements to stop the loss of income occasioned by this ongoing sabotage,” the Speaker voiced his displeasure.

Meanwhile, the National Assembly has assured the Executive of speedy passage of the 2023 appropriation bill.

Even though the National Assembly may soon embark on recess, there are indications that it may be passed before the end of the year, in line with the tradition of the 9th Assembly.

He gave the assurance in his remarks after the presentation of the 2023 budget to the joint session of the National Assembly by President Buhari.

Gbajabiamila, however, pointed out that the parliament will not, in the quest for timely passage, fail to do the due diligence expected of it by the Nigerian people.

He mentioned that the reforms to the budget process initiated in the 9th Assembly have helped streamline the appropriations process and the oversight system.

His words, “We have set a standard for others to match or answer for. This is to the credit of all those who worked to achieve these outcomes, particularly the senators and honourable members.

“I have said times without number that a budget reflects priorities. National security, healthcare, education, public infrastructure and human capital development are the priorities we have pursued in the 9th Assembly.

“Every Appropriation Act we have considered and passed has reflected these priorities to different degrees. The 2023 Appropriation Act will be a budget of consolidation; our last, best opportunity to ensure that ongoing projects across the country are completed before the end of the administration”.