Reps vow to end oil revenue leakages, strengthen export oversight

House of Representatives’ Ad Hoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds states that Nigeria is at a critical economic crossroads. The committee stated that there was therefore an urgent need to plug massive revenue leakages that were undermining national development. The chairman of the committee, 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. Mr Sowunmi said that, although crude oil had been the primary export and the backbone of Nigeria’s revenue for decades, 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 painfully, 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 the 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.
Mr Sowunmi urged the committee members to leave the workshop more resolved and united in purpose, as the engagement marked a turning point from investigation to action, from oversight to reform, and from promises to measurable results. Peter Aniekwe (LP-Anambra) urged the committee to be resolute and firm, and to expect a fightback. Mr 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. NAN