 With the country losing over 1.29 trillion Naira annually from crude oil theft, in addition to daily loss of 300,000 barrels of oil due to industrial scale theft, the House of Representatives has decried the dwindling state of the nation's economy as it wants the revenue-generating agency of the government against wastage. The Speaker, Honour Butajuddin Abbas, said these during the official inauguration of the House special committee on oil theft. He says the special committee on crude oil theft losses remains another indication of the thinned House under his leadership to tackle one of the largest threats to Nigeria's economy. Revenue-generated agencies must ensure transparency in the management of generated revenues. Let me state clearly that the House will not tolerate low performance by agencies or failure to show evidence of required amenities to the federation account. We shall also closely monitor and undertake strict oversight of the activities of all revenue-generating agencies to ensure compliance. Dear Aurobur colleagues, we sought a set of these special committees to underscore our unwavering commitment to protect the nation's resources for the good of all our citizens and to punish the perpetrators of these dreadful crimes. I charge you all to investigate all dimensions of oil theft, focusing on the actions of all actors, including criminal gangs, militia groups, the local populace, company employees and security agencies. Earlier, our chairman of the special committee, Honour Bualha San Dogua, said the country has not been able to reap the needed democracy dividend because of the huge losses recorded due to oil theft. The lawmaker stated the need to address oil theft in the country, while emphasising his committee's readiness to cement all challenges in the industry in order to deliver on its mandate to Nigerians. Deguara showed that all the problems associated with crude oil theft, such as vandalism amongst others, will be addressed headlong. The issues of oil theft and pipeline vandalisation are not new to us, nor are they exclusive to Nigeria as a nation. However, they remain a persistent threat to our economy, empowerment and national security. The agency addressing these colleagues, the agency of addressing these challenges and blustering our regulations, technology and security matters, can therefore not be overstated. Distinguished ladies and gentlemen, oil theft is large-scale illegal business estimated to be worth US$133 billion per year globally, which makes it the world's biggest theft of a natural resource and is also considered to be the number one most smuggled natural resources globally. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.