The House of Representatives has raised fresh concerns over Nigeria’s economic stability, warning that the nation is hemorrhaging billions of dollars annually due to weak pre-shipment processes, underreported crude exports, and the non-remittance of foreign earnings.
Speaking at a stakeholder workshop in Abuja yesterday, Chairman of the House Ad hoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds, Hon. Seyi Sowunmi (LP–Lagos), described the situation as a grave national threat that undermines Nigeria’s ability to fund essential public services such as healthcare, education, and infrastructure.
Sowunmi lamented that beyond the financial losses, the leakages represent “lost futures” for millions of young Nigerians who depend on the nation’s resources for opportunities and development. He reiterated that safeguarding national revenue remains a constitutional obligation of the Nigerian parliament.
He explained that the ad hoc committee was inaugurated following “alarming evidence” of widespread non-compliance within Nigeria’s export and pre-shipment ecosystem. According to him, the committee’s mandate is to expose institutional lapses, engage critical stakeholders, and propose far-reaching reforms to strengthen legislation and policy
“This is not a witch-hunt. It is a national mission to recover lost value, close loopholes, and restore confidence in Nigeria’s economic governance,” he stated.
The workshop, he noted, is designed to equip lawmakers with the technical expertise required to analyse intricate export data, trace crude oil transaction flows, and make informed, evidence-driven decisions. Resource persons drawn from international trade compliance, financial intelligence, maritime operations, and forensic auditing are facilitating the sessions.
Describing the initiative as an investment in Nigeria’s competence and national integrity, Sowunmi vowed that the committee will conduct its assignments with transparency and accountability.
“Nigeria cannot afford to lose more foreign exchange due to weak inspections or unremitted export proceeds. Every barrel must be tracked, every dollar repatriated, and every actor in the export chain held accountable,” he stressed.
He disclosed that the committee is also advocating for a modernised export governance framework driven by technology, compliance, and enforceable sanctions—warning that the era of impunity in the oil export sector must end.
Also speaking, Hon. Peter Aniekwe (LP–Anambra) cautioned lawmakers to brace for pushback from entrenched interests determined to frustrate the committee’s investigations.
“They will fight back, but we must remain resolute and deliver results Nigerians can be proud of,” he said.
The workshop will cover critical areas including Nigeria’s Oil and Gas Export Framework, Pre-Shipment Inspection Systems, Crude Oil Revenue Flow and Repatriation, Investigation of Non-Remittance, and strategies for effective Oversight and Reform.
With the committee’s intensified scrutiny, lawmakers say they are determined to safeguard Nigeria’s economic future and plug revenue gaps that have plagued the nation for years.
