Nigerian Senate Forms Ad-Hoc Committee to Address Economic Sabotage in the Petroleum Sector.

On Monday, the Nigerian Senate established an ad-hoc committee to investigate claims of economic sabotage in the petroleum sector. This effort aims to combat saboteurs in the industry. Senate President Godswill Obot Akpabio emphasized that Nigeria's economy depends heavily on the petroleum industry and that the country cannot afford to accept any kind of economic sabotage at this time.

Akpabio asserted that any danger to the petroleum business directly jeopardizes the nation's economic survival. No legitimate administration would allow the integrity of the sector to be compromised. He bemoaned the long-standing economic sabotage in the petroleum sector, particularly the vandalism of pipelines, which prompted the establishment of the Committee to conduct research and produce findings to support additional legislative initiatives.

According to Akpabio, “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.”

The Senate President declared that the upper house of Congress would take swift measures to address illegal activities by identifying the perpetrators and holding them accountable. He tasked the Committee with working with pertinent organizations, business leaders, and stakeholders to identify the underlying reasons for the economic sabotage operations, as well as the offenders' strategies, networks, and tactics.

The chairman of the Ad-hoc Committee investigating economic saboteurs in the petroleum industry is Senate Leader Michael Bamidele Opeyemi.