House Moves to Block Billion-Dollar Oil Revenue Losses

Juliet Akoje in Abuja

The House of Representatives Ad hoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds has raised the alarm over Nigeria’s economic stability, highlighting serious revenue leakages that could jeopardise the nation’s development.

In a workshop held in Abuja yesterday, the Committee’s Chairman, Hon. Seyi Sowunmi (LP-Lagos), warned that Nigeria is losing billions of dollars every year due to unverified crude oil shipments, underreported exports, and failure to return foreign earnings.

These issues, he argued, were depriving Nigerians of vital public services like healthcare, education, and infrastructure.

Sowunmi emphasized that the loss is not just financial and that the leakages represent lost futures for millions of young Nigerians.

He stressed that it is the constitutional duty of the Nigerian parliament to protect the country’s revenue system from such breaches.

The ad-hoc committee was created following the “alarming evidence” of widespread non-compliance with export and pre-shipment regulations.

Its mission, according to Sowunmi, is to expose institutional failures, engage stakeholders, and recommend strong reforms to legislation and policy.

He added, “This is not a witch-hunt. It’s a national mission to recover lost value, close loopholes, and restore confidence in Nigeria’s economic governance.”

The lawmaker added that the workshop is aimed at providing lawmakers with the technical expertise needed to analyze complex export data, understand crude oil transaction flows, and make evidence-based decisions.

“Experts from fields like international trade compliance, financial intelligence, maritime operations, and forensic auditing are leading the training,” he said.

Sowunmi framed the workshop as an investment in Nigeria’s “competence, credibility, and national integrity,” promising that the committee will operate with transparency and openness.

“Our task is urgent; Nigeria cannot afford to lose more foreign exchange due to weak inspections or unremitted export proceeds. We must ensure that every barrel is tracked, every dollar repatriated, and every participant in the export chain held accountable,” he said.

The lawmaker further revealed that the committee is pushing for a modernisation of Nigeria’s export governance system, focusing on technology, compliance, and enforceable penalties, adding that: “This is a moment for legislative leadership. The era of impunity and unaccounted exports is over.”

Furthermore, Hon. Peter Aniekwe (LP-Anambra) also addressed the workshop, warning members to expect resistance from entrenched interests as the committee investigates further.

Aniekwe stressed that “they will fight back, but we must stay firm and deliver results that Nigerians can be proud of.”

However, the workshop will cover key topics, including the Nigerian Oil and Gas Export Framework, Pre-Shipment Inspection Systems, Crude Oil Revenue Flow and Repatriation, Investigation of Non-Remittance, and strategies for Oversight and Reform.