The Senate has said that revenue losses from illegal bunkering, pipeline vandalism, oil theft, and other nefarious activities in the oil industry have deprived of the funds needed for development and growth.
Speaking on Monday in Abuja while inaugurating the 14- member Ad- hoc Committee to investigate alleged Economic sabotage in the Petroleum Sector, the President of the Senate, Senator Godswill Akpabio said that these activities have undermined investor confidence, distorted market operations, and exacerbated the country’s economic challenges.
The Senate leader, Senator Opeyemi Bamidele, APC, Ekiti Central is the Chairman of the Committee. According to Akpabio, all hands must be on deck to restore the integrity of the nation’s petroleum industry.
The President of the Senate said, “It is my profound pleasure that I stand before you today with a deep sense of duty and responsibility to inaugurate the Senate Ad Hoc Committee tasked with investigating alleged economic sabotage in our nation’s Petroleum Industry.
“This industry, without a doubt, is the backbone of Nigeria’s economy, and any threat to its integrity is a direct threat to the economic survival of our beloved nation.
“The petroleum sector has been the lifeblood of our economy, providing the revenue that funds our infrastructure, education, healthcare, and numerous other vital sectors. However, the shadow of economic sabotage looms large, threatening to destabilize this critical industry and, by extension, our nation’s financial stability.
“Over the past few years, we have witnessed a concerning trend of alleged malpractices and economic sabotage within the petroleum sector. These allegations range from illegal bunkering, pipeline vandalism, oil theft, and other nefarious activities that have collectively bled our economy dry. The impact of these actions has been devastating, contributing significantly to our current economic downturn.
“Revenue losses from these illegal activities have deprived our nation of the funds needed for development and growth. They have undermined investor confidence, distorted market operations, and exacerbated our economic challenges. It is not just a financial issue; it is a matter of national security and sovereignty. If left unchecked, these acts of sabotage could cripple our economy and hinder our progress for generations to come.
“Therefore, it is imperative that we act decisively and with a sense of urgency. We must identify and hold accountable those responsible for these criminal acts. This is not merely an investigation; it is a rescue mission for our nation’s future. The integrity and prosperity of Nigeria depend on our ability to safeguard our petroleum industry.
“To this end, I charge the members of this Ad Hoc Committee to approach this task with the utmost diligence, transparency, and commitment. Your mandate is to conduct a thorough investigation, leaving no stone unturned. Collaborate with relevant agencies, industry experts, and stakeholders to uncover the root causes of these economic sabotage activities. Identify the perpetrators, their methods, and their networks.
“Furthermore, I urge you to propose robust and sustainable solutions to prevent future occurrences. Strengthen our regulatory frameworks, enhance security measures, and ensure that our legal and judicial systems are equipped to deal with offenders swiftly and effectively. It is also crucial to foster an environment of transparency and accountability within the industry to deter potential saboteurs.
“In conclusion, the task before you is monumental but not insurmountable. The future of our nation’s economy rests on your shoulders. We have faith in your abilities and trust that you will rise to the occasion. As the Senate President, I assure you of my full support and the support of the entire Senate in this critical endeavor.
“Go forth and fulfill this mandate with integrity and dedication. Let us work together to stop this ugly trend and restore the glory and stability of Nigeria’s petroleum industry. Our nation’s prosperity and the well-being of our citizens depend on it.”
