Reps Move to End Oil Revenue Leakages, Strengthen Export Oversight
The House of Representatives (Reps) Ad-hoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds says Nigeria is at a critical economic crossroads.
The committee said it said that there was therefore the urgent need to plug massive revenue leakages undermining national development.
The Chairman of the committee, Rep. Seyi Sowunmi (LP-Lagos) said this at the opening of a capacity-building workshop on Pre-Shipment Inspection and Non-Remittance of Crude Oil Proceeds in Abuja on Tuesday.
Sowunmi said that though for decades, crude oil had been the primary export and the backbone of Nigeria’s revenue, the country now stood at a critical economic crossroads.
According to him, Nigeria continues to lose billions of dollars through unverified shipments, under-declarations, and non-repatriation of export proceeds.
He said that the anomaly also extended to non-oil exports, adding that the revenue leakages represented not just figures but hundreds of lost hospitals, schools, critical infrastructure, and most painful, lost opportunities for the young.
”As parliamentarians, it is our constitutional duty to protect the integrity of the nation’s revenue system and ensure that every dollar earned from our natural resources works for Nigerians.
”Alarmed by the growing evidence of revenue losses and non-compliance with pre-shipment inspection and export laws, the House of Representatives, established this Ad-Hoc Committee to investigate the systemic failures in pre-shipment inspection and revenue repatriation of both crude oil and non-oil exports.
”It is also to identify institutional and regulatory lapses, engage stakeholders across the oil, financial, maritime and non-oil export sectors and recommend practical legislative and policy solutions.
”This is not a witch-hunt, it is a national mission to recover value, close loopholes, and reinforce confidence in Nigeria’s economic governance,” he said.
The lawmaker noted that the workshop was designed to close the knowledge and capacity gap that often hindered effective oversight.
He said experts in international trade compliance; financial intelligence, maritime operations, and forensic auditing were on ground to facilitate the workshop.
According to him, their insights will empower the committee to interrogate complex export data, understand the technical flow of crude oil transactions, and evaluate the policy implications of our findings.
The chairman added that the capacity-building workshop was an investment in competence, credibility, and national integrity.
”Let it be clear that this committee operates on the principles of openness, evidence, and national interest; we invite public scrutiny because democracy flourishes when the people are informed and engaged.
”Our task is urgent. Nigeria cannot afford to continue losing precious foreign exchange due to weak inspection processes or non-remitted proceeds.
”We must move towards a system where every barrel exported is digitally tracked, every dollar earned is duly repatriated; and every agency in the export value chain is accountable under the law.
”This is a moment for legislative leadership. The fight for economic accountability must begin within our own chambers through informed debates, stronger committee oversight, and decisive legislative reform.
”We must ensure that Nigeria’s natural resources truly benefit Nigerians. To our partners in the executive and private sectors, we seek cooperation, not confrontation. Let it be known that the era of impunity and unaccounted exports is coming to an end,” he emphasised.
Sowunmi urged the committee members to rise from the workshop more resolved, and more united in purpose as the engagement mark a turning point from investigation to action, from oversight to reform, and from promises to measurable results.
Also speaking, Rep. Peter Aniekwe (LP-Anambra) urged the committee to be resolute and firm, and expect a fight back. Aniekwe said the oil revenue was very important to the nation and the house had set up the committee at a critical time to find solutions.
”We know that they are going to a fight back, but I want all of us to stand our ground, do the right thing, and at the end, Nigerians will be happy,” he said.
Topics to be explored at the workshop include, the ’’Nigerian Oil & Gas Export Framework”, ”Pre-Shipment Inspection System, Crude Oil Revenue and Flow and Repatriation Process”.
Others are ”Investigation process of Non-Remittance, Data, Tools and Evidence” as well as ”Oversight, Compliance and Reform Strategies” among others Short-Term External Liabilities: Nigeria’s Usable FX Reserves Grow
