The Chairman of Revenue Mobilization Allocation and Fiscal Commission(RMAFC), Engr. Elias Mbam has charged the Nigerian National Petroleum Corporation(NNPC) and other stakeholders to stamp out oil theft and pipeline vandalism in order to boost oil revenue generation.
Engr. Mbam who led members of the Commission on an inspection tour of facilities at the Port-harcourt Refinery and Petrochemical, a subsidiary of the NNPC urged management and staff of the Company to collaborate with security agencies, revenue generating agencies, civil society, mass media and host communities to check pipeline vandalism and oil bunkering for increased revenue generation
adding that given the transformation agenda of the current administration, it has become expedient for all revenue generating agencies to support the agenda through transparent, accountable and timely collections and remittances of revenue to enable government carry out its development agenda.
He further expressed disgust at the manner in which economic saboteurs siphon Nigeria's oil resources which would have been channeled for development adding that such ignoble act destroy our economy, undermine national security, defile our environment, damage our image and deprive our youths of a brighter future.
The members of the Commission had earlier visited oil facilities at Brass Terminal, Obrikom Gas Plant, Bonny LNG, Amenam Floating Production, Storage and Uploading plant operated by Agip, Shell and Total Elf respectively.
Meanwhile in another development, Engr. Elias Mbam has tasked oil companies operating in Nigeria to exploit the country's huge gas resources to generate power as part of their corporate social responsibility.
Engr. Mbam made this call when he led a team from the commission on the inspection of the Okpai Independent Power Project near Port-Harcourt. The 480MW IPP project built in 2004 by the Nigeria Agip Oil Company Ltd under a joint venture arrangement between Agip and the Nigeria National Petroleum Corporation became operational and was commissioned by the former president Chief Olusegun Obasanjo in 2005.
The RMAFC Chairman who led members of the commission on a study tour of oil revenue sources in the Niger Delta area stressed the need for other players in the industry to emulate Agip initiative by establishing independent gas turbine power plant to generate electricity using the abundant and untapped natural gas resources in the region. He enthused, "the gas being flared everyday can be
harnessed to generate electricity so much that if the 5 major oil operators could produce 480MW each, the country will get additional 2400 MW enough to power the economy".
The members of the Commission had earlier visited other oil facilities at Brass Terminal, Obrikom Gas Plant, Bonny LNG, Amenam Floating Production, Storage and Uploading plant operated by Agip, Shell and Total Elf respectively.
While at the Brass Terminal in Bayelsa state, Agip Swamp Area Manager, Mr. Isewede Asueimen informed the Commission that oil bunkering activities was hampering the revenue generating efforts of the federal government as more than 10% of the projected revenue was being lost to pipeline vandals and bunkerers.
The chairman who was visibly angry at the unfortunate development said the quantum loss of revenue and the associated damage to environment, the country's image and as well as national security was unacceptable to the federal government.
He therefore called on all revenue generating agencies, oil companies, civil society organizations, oil-producing communities and the security forces to close ranks in reducing the menace of oil theft to the barest minimum.