Gbajabiamila Says $2.4bn Oil Probe Not Witch-hunting

Femi Gbajabiamila, speaker of the house of representatives has insisted that the 2.4 billion dollars revenue probe over alleged illegal sale of 48 million barrels of crude oil export from 2014-2015 is not a witch-hunt.

Gbajabiamila made the clarification at plenary on Tuesday in Abuja, during the House of Reps Ad Hoc Committee probe of the alleged sales.

According to him, the exercise is a constitutional responsibility, within the legislative powers of the house as enshrined in sections 88 and 89 of the 1999 Constitution.

He said in the light of dwindling revenue accruing to Nigeria from crude oil sales, it was alarming to learn, from a whistleblower, of allegations that over 2.4 billion dollars in possible revenue for the country was lost.

This, according to him, is from the sale of 48 million barrels of Nigeria’s crude oil cargoes in China.

Gbajabiamila said Nigeria’s revenue to GDP ratio was below five per cent, which was rated among the five lowest countries in the world.

He said it was reported that about 700 million dollars worth of crude oil was lost to oil theft monthly in Nigeria, adding that between January and July 2022 alone, the country lost 10 billion dollars to the crime.

The speaker said the recommendation of the ad hoc committee would guide the house in making an informed decision in considering the Whistleblower Bill currently before it.

“Let me state emphatically, that whistle-blowers that volunteer information to this house will receive the maximum legislative protection and confidentiality.”

The committee in its ruling, however, summoned the Minister of Finance, Attorney General of the Federation, Accountant General of the Federation among others, to appear before it