Speaker of the House of Representatives, Femi Gbajabiamila, has declared that the $2.4 billion 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 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.

READ ALSO: Reps summon finance minister, SGF, NNPCL over $2.4bn oil loss

Gbajabiamila said about $700 million 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 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.

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.

Chairman of the ad hoc committee, Rep. Mark Gbillah, said the committee was looking at the issues that had to do with allegations of $48 million crude oil barrels sold in China.

Mr. Johnson Agboneonayima, Federal Commissioner (CCB) in Charge of Monitoring, however, said he had in 2015 when he was a member of the eight assembly, raised a motion on the volume of theft of the nation’s crude oil.

He alleged that some cabal had derailed the wheel of the progress of the country through massive theft of the nation’s crude oil.

The Star