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Aggressively Prosecute Oil Thieves – Ex-ANAN Chief Tells FG

By on May 30, 2012

Former President of the Association of National Accountants of Nigeria (ANAN), Dr. Samuel Nzekwe has called on the Federal Government to be stricter in its prosecution of illegal oil bunkerers as they were damaging the economy of the country.

Nzekwe made the call against revelations from multi-national energy firms which state Nigeria is losing between 180,000 to 200,000 barrels of crude to bunkering activities at a loss of N 1.2 trillion annually.

He said, ““If few citizens can steal oil worth about N1.2 trillion annually, almost a nation’s budget, you can imagine the impact on the nation’s economy.”

Nzekwe also called on the Federal Government to increase its oversight functions on the Nigerian National Petroleum Corporation (NNPC) to ensure that the organization conformed with due process and the laws establishing it.

Concerning the Excess Crude Account (ECA), he advised the government to utilize the funds within to execute capital projects and not to service recurrent expenditure.

He said, “Capital expenditures would create employment, create enabling environment for the real sector including agriculture to thrive.

“ECA should not be used for recurrent expenditures, as it would affect the economy by creating inflation and stagnating the economy.”