Femi Gbajabiamila, Speaker of the House of Representatives, has expressed disgust over the spate of crude oil theft and other acts of economic sabotage have led to massive decline of government revenue.
He stated this on Tuesday while welcoming members back from their annual vacation
He said: ‘’Due to theft and various acts of economic sabotage, we are experiencing a massive decline in the volume of crude oil exports. Our crude oil export of 972,394 bpd for August is the lowest we have recorded in the last two decades. At a time when we are already experiencing severe financial constraints, the perpetrators of this brazen heist threaten our ability to serve the Nigerian people and meet the demands of governance and nation-building. Their actions constitute treason against our country, for which they must be held accountable.”
Assuring that though there are mechanisms in place to curb economic sabotage, the Speaker stressed that the measures in place are inadequate, noting that there was need for a review.
He again emphasized that it was also of particular importance that the perpetrators of these crimes against the state are identified, prosecuted and subjected to the stiffest penalties the law allows.
He added:”Those who seek to impoverish our country in this manner have declared war against the Nigerian people. They are no different from the insurgents and terrorists against whom we are battling in various theatres.I insist that the government’s response must be sufficient to convince them of the error of their ways and deter others who might be tempted to join in their treason. I met with the Finance Minister and the DG Budget and made it clear to them that enough of crude oil theft. Nigerians don’t want to hear that again. What do you intend to do about it? That’s the important question,” he said.
He expressed concern over Nigeria’s ability to meet her long-term debt repayment obligations.
According to him, the interactions between the parliament and Ministries, Departments and Agencies ( MDAs), on the Medium Term Expenditure Framework and Fiscal Strategy Paper( MTEF/FSP), the major concerns have been what will be the scope of deficit financing in the 2023 budget, as well as the decline in crude oil production owing to theft and sabotage.
He noted that in considering the 2023 Appropriation Bill, when it is presented, the House would be guided by the question of how the country can repay loans taken to finance the budget. He also noted that the parliament would also take into consideration provisions of extant laws, especially as it relates to financing budget deficits.
“While the House appreciates that our current fiscal conditions necessitate borrowing to finance budgetary expenditures, we are, nonetheless, concerned about the long-term impact of this burden on the country and our ability to pay what we owe in a responsible and sustainable way. These questions will be central to our consideration of the 2023 Appropriation Bill when presented’’,he said.
Gbajabiamila advised that the House needs be mindful of the provisions of their laws, especially the Fiscal Responsibility Act, as it relates to the scope of deficit financing of the budget. Ministries, departments and agencies of the government should also take note that appropriations for new projects will be influenced by the extent to which existing projects have been funded and their performance in executing these projects as intended.
Noting that electioneering campaigns for the 2023 general elections is billed to start soon, the Speaker admonished members of the House to strike a balance between their legislative work and the campaigns.
He urged that the House must strike a balance as they campaign, because they have a 4-year mandate.
He said:”This is especially true for us in the 9th House of Representatives because of the commitments we made in our legislative agenda. We must ensure that we try to live up to those pledges because we will be assessed on that basis whether we like it or not.
