The Nigerian Senate has inaugurated an Ad hoc Committee to investigate the crisis rocking the petroleum sector.
According to reports from the hallowed Red Chambers, the effort is to tackle saboteurs in the petroleum sector.
Constituting the ad hoc Committee on Monday, the Senate President, Godswill Obot Akpabio read the riot act to saboteurs. He stated that Nigeria cannot afford to tolerate any form of economic sabotage at this time. This is even as he pointed that the petroleum sector is the backbone of nation’s economy.
The Senate President, therefore, said any threat to the sector was a direct threat to the economic survival of the country. He warned that no government in power would tolerate compromise in the integrity of the petroleum industry.
Akpabio also lamented the age-long economic sabotage in the petroleum industry. Particularly, the pipeline vandalization, which, he said, was the main reason the Committee was being inaugurated. He noted that the Committee would investigate and turn in reports for further legislative activities.
The President said: “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.”
Akpabio, therefore, stated that the upper legislative chamber would act decisively and urgently too to deal with criminal acts. And by identifying those behind the ugly trend and bring them to account for their actions.
The Senate President charged the Committee to collaborate with relevant agencies, industry experts, and stakeholders to uncover the root causes of the economic sabotage activities. To also Identify the perpetrators, their methods, and their networks.
Senate Leader, Michael Bamidele Opeyemi was appointed as the Chairman of the Ad-hoc Committee.
source: Daily Post
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