Key Highlights:
- Senate
Inaugurates Ad-Hoc Committee: The Nigerian
Senate has established an Ad-Hoc Committee to investigate economic
sabotage in the petroleum sector, with a focus on combating illegal
activities such as bunkering, pipeline vandalism, and oil theft.
- Senate
President's Address: Senate President Godswill Obot
Akpabio emphasized the critical role of the petroleum sector in Nigeria's
economy and the severe impact of sabotage on national stability and
development.
Detailed
Overview:
On
Monday, the Nigerian Senate took decisive action against economic sabotage in
the petroleum sector by inaugurating an Ad-Hoc Committee dedicated to
investigating and addressing these issues. The committee's formation
underscores the government's commitment to safeguarding the nation's economic
backbone.
Senate
President Godswill Obot Akpabio's Statement:
In
his address, Senate President Godswill Obot Akpabio highlighted the gravity of
the situation, stating that the nation cannot afford to tolerate any form of
economic sabotage, especially in the petroleum sector, which is the cornerstone
of Nigeria's economy. He stressed that threats to this sector directly
jeopardize the country's economic survival and that no government would
tolerate compromises in its integrity.
Akpabio
lamented the persistent economic sabotage within the petroleum industry,
particularly pipeline vandalism, which has significantly contributed to the
nation's economic downturn. He noted that the committee's primary goal is to
investigate these issues and provide comprehensive reports for further
legislative action.
Impact
of Economic Sabotage:
“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,” Akpabio said.
He
pointed out that over the past few years, there has been a disturbing trend of
alleged malpractices and economic sabotage within the petroleum sector. These
activities include illegal bunkering, pipeline vandalism, and oil theft, which
have collectively drained the economy. The resulting revenue losses have
deprived Nigeria of essential funds for development, undermined investor
confidence, distorted market operations, and exacerbated economic challenges.
National
Security and Sovereignty:
Akpabio
emphasized that economic sabotage is not just a financial issue but also a
matter of national security and sovereignty. He warned that if left unchecked,
these acts could cripple the economy and hinder progress for generations.
Senate's
Decisive Action:
The
Senate President assured that the upper legislative chamber would act
decisively and urgently to address these criminal activities. He charged the
Ad-Hoc Committee to collaborate with relevant agencies, industry experts, and
stakeholders to uncover the root causes of economic sabotage, identify the
perpetrators, and dismantle their networks.
Committee
Leadership:
Senate
Leader Michael Bamidele Opeyemi has been appointed as the Chairman of the
Ad-Hoc Committee tasked with investigating economic sabotage in the petroleum
sector. Under his leadership, the committee is expected to deliver actionable
recommendations to curb these nefarious activities and restore stability to
Nigeria's petroleum industry.
Conclusion:
The inauguration of the Ad-Hoc Committee marks a significant step towards combating economic sabotage in Nigeria's petroleum sector. By addressing these issues head-on, the Senate aims to secure the nation's economic future and ensure the continued growth and development of the country.
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