Sen. Ned Nwoko (APC-Delta) and Chairman, Senate Ad-Hoc Committee on Crude Oil Theft, has stressed the need for protecting the nation’s crude oil, saying it is critical for national security and sustainable development.
Nwoko, representing Delta North Senatorial District, stated this on Wednesday in Abuja in an interview with the News Agency of Nigeria (NAN).
NAN reports that the senator was reacting to his appointment as the Chairman, Ad-Hoc Committee on Crude Oil by the senate leadership on Tuesday.
While describing crude oil as the backbone of the country’s economy, the senator reaffirmed his commitment to restoring investors’ confidence and ensuring that Nigeria fully benefits from its oil wealth.
”With crude oil theft posing a serious challenge to Nigeria’s revenue generation and energy security, this committee’s work is expected to play a crucial role in reforming the sector and ensuring greater accountability.
”The committee will work with all relevant stakeholders to address the issue and safeguard Nigeria’s economic future,’’ he said.
The lawmaker described his appointment as a strategic move to tackle one of Nigeria’s most pressing economic and security challenges.
According to him, it aligns with President Bola Tinubu’s Renewed Hope Agenda which prioritises economic stability, transparency and protection of national resources.
Nwoko stated that crude oil theft had been a major drain on Nigeria’s economy, with the country losing billions of dollars annually due to illegal bunkering, pipeline vandalism and organised criminal activities.
”These illicit operations deplete government revenue, deter foreign investment and hinder national development.
”This committee, under my leadership, is tasked with investigating the causes and networks behind crude oil theft, assessing existing security measures and recommending stronger enforcement strategies.
”It will engage key stakeholders, including security agencies, oil companies, host communities and regulatory bodies to develop lasting solutions.
”The committee will also work on strengthening legal and institutional frameworks to curb oil theft and ensure prosecution of offenders,’’ he said.
(NAN)