Oil theft Aided by Security Officials - Barrister Remi Olatubora Alarmed at the amount of crude oil lost through oil theft, Barrister Remi Olatubora has alleged that the Nigerian security agencies are neck deep in the crime. He made this known while contributing to the recommendation of the Committee on Public Finance and Revenue which called on security agencies to deter, detect, apprehend and prosecute the perpetrators of the heinous crime of oil theft. Barrister Olatubora argued that crude oil theft is sabotage perpetrated largely by security men posted to the riverine area. He also revealed that security officers lobby to be posted to the oil producing area because “they consider these to be juicy posting.” He alleged that there is massive corruption going on the oil producing area. Barrister Olatubora, who is representing Ondo State at the conference, reveals that he lives in the riverine area which afforded him first-hand information about the crime. He states that if the security agencies are performing their duties diligently in oil monitoring services that they are carrying out in the oil producing areas, “a litre of fuel cannot get out of the shore of Nigeria without their knowledge.” He concludes that, “The truth of the matter is that close to 90% of the corruption in the oil industry is perpetrated in connivance with the security agencies. Except we address that, we cannot get out of the problem.” The report of the Committee on Public Finance and Revenue shows that Nigeria witness a daily average loss of 9,697 bbls valued at $894 million (N134 billion) due to oil theft. The report further quotes the Budget Office of the Federation that, at its peak, losses due to pipeline leakages and thefts reach 300,000 barrels per day. On the issue of fuel subsidy, Barrister Olatubora calls for its total removal because those benefiting from the subsidy regime are the elites who impoverished the poor masses. He recommends that the money recovered from the removal of fuel subsidy should be used to provide social amenities, jobs and railways for Nigerians. Earlier, the chairman of the Committee on Public Finance and Revenue, Senator Adamu Aliero, presents his committee’s report to the conference. The committee recommends the total removal of fuel subsidy. The committee recommends external borrowing provided that the funds are tied to designated projects. The committee also recommends that there is need to strengthen the FGN Bond Market for enhanced liquidity. The committee recommends that the office of the Accountant-General of Federal Government be created strictly to manage the finances of Federal Government while the office of the Accountant-General of the Federation maintains the Federation account. Another recommendation of the committee is that the timeframe for presentation of the annual budget to the national assembly should be on or before September 30, proceeding the budget year. And the passage of the budget by national assembly and presidential assent should be concluded on or before 31 December.
Posted on: Tue, 03 Jun 2014 04:52:41 +0000