The House of Representatives has set up an ad-hoc committee to interface and make recommendations on how to rescue Nigeria as the effect of Coronavirus threatens global economy.

This was sequel to a unanimous adoption of a motion by Rep. James Faleke (APC-Lagos), at plenary on Tuesday.

Moving the motion earlier, Faleke said that the outbreak of the COVID -19 virus, had negative effects on global economy.

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He said the current price of oil had dropped to 30 dollars per barrel from 65 dollars per barrel since the outbreak.

The lawmaker noted however, that the 2020 Appropriation Act had estimated oil price at 57 dollars per barrel.

“The current price of oil at 30 dollars means that the appropriation act 2020 may suffer implementation,” he said.

The adhoc committee set up by the Speaker, Rep. Femi Gbajabiamila, under the Chairmanship of  Faleke, was mandated to report back to the house within two weeks.

Meanwhile, Nigeria National Petroleum Cooperation (NNPC), has decried crude oil theft as the impact of Coronavirus drove down oil prices.

Speaking at a public hearing organised by the House of Representatives ad-hoc Committee on Crude Oil Theft, Chief Operating Officer of NNPC, Mr Roland Ewubare, said Nigeria should be concerned about crude oil theft.

Ewubare attributed crude oil theft to criminality and neglect of host communities.

He, however, said there was no accurate data on the amount of crude oil lost on a daily basis in the country.

Ewubare said the military also did not have a silver bullet to tackle the problem, and called for all hands to be on deck to address the issue.

Also, the Commander, Joint Task Force in charge of security of oil and gas infrastructure in Nigeria, Real Admiral Akinjide Akinrinade, said that inadequate equipment was top on the list of challenges bedeviling its operations.

Akinrinade identified Delta and Rivers as the hub of crude oil theft in the South-South geo-political zone.

He, however, debunked claims that the military was aiding and abetting vandalism in the oil rich region.

According to Gbajabiamila, who was represented by the Leader of the House, Rep. Alhassan Doguwa (APC-Kano), Nigeria losses 1.7 billion dollars monthly to crude oil theft.

He said the hearing was to find lasting solution to the menace and help the Federal Government generate adequate revenue to fund the budget and reduce borrowing. 

Vanguard