The Nigerian Senate on Monday, July 22, 2024, inaugurated the Ad-hoc committee to investigate the alleged economic sabotage in the petroleum sector. Senate President, Godswill Akpabio read the riot act to saboteurs, saying the nation cannot afford to tolerate any form of economic sabotage at this time, he said that the petroleum sector is the mainstay of Nigeria’s economy.

He said any danger to the sector was a direct threat to the economic survival of the country and no government in power would tolerate compromise in the integrity of the petroleum industry.

Akpabio bemoaned the age-long economic sabotage in the petroleum industry, particularly the pipeline vandalization, which was the main reason the Committee was being inaugurated to investigate and turn in reports for further legislative activities.

Akpabio said: “This industry, without a doubt, is the backbone of Nigeria’s economy, and any threat to its integrity is a direct threat to the economic survival of our beloved nation.

“The petroleum sector has been the lifeblood of our economy, providing the revenue that funds our infrastructure, education, healthcare, and numerous other vital sectors. However, the shadow of economic sabotage looms large, threatening to destabilize this critical industry and, by extension, our nation’s financial stability.

“Over the past few years, we have witnessed a concerning trend of alleged malpractices and economic sabotage within the petroleum sector. These allegations range from illegal bunkering, pipeline vandalism, oil theft, and other nefarious activities that have collectively bled our economy dry.

“The impact of these actions has been devastating, contributing significantly to our current economic downturn.”

He continued, “Revenue losses from these illegal activities have deprived our nation of the funds needed for development and growth. They have undermined investor confidence, distorted market operations, and exacerbated our economic challenges. It is not just a financial issue; it is a matter of national security and sovereignty. If left unchecked, these acts of sabotage could cripple our economy and hinder our progress for generations to come.”

The Senate President said the upper legislative chamber would act decisively and immediately to deal with criminal acts by identifying those behind the ugly trend and bringing them to account for their actions.

He urged the Committee to collaborate with relevant agencies, industry experts, and stakeholders to uncover the root causes of the economic sabotage activities. Identify the perpetrators, their methods, and their networks.

Senator Michael Bamidele Opeyemi, the senate leader was appointed the Chairman of the Ad-hoc Committee.

Read Also: Soyinka at 90: Ogun State Governor Awards Scholarships to Students