Nigeria at ‘Critical economic crossroads’… Reps Warn

• With massive revenue leakages

Irrespective of crude oil being the back bone of Nigeria’s economy over decades, the country’s economy is said to be in critical economic crossroads, driven by massive revenue leakages.

The House of Representatives Adhoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds warned that Nigeria is at a critical economic turning point and must urgently plug the huge revenue leak- ages draining national resources.

Committee Chairman, Seyi Sowunmi, delivered the warning on Tuesday at the opening of a capacity-building workshop on pre-shipment inspection and revenue repatriation in Abuja.

He said that despite crude oil remaining Nigeria’s primary export and the backbone of public revenue for decades, the country was “standing at a critical economic crossroads.”

According to him, Nigeria loses billions of dollars annually through unverified crude shipments, under declarations by exporters, and non-repatriation of foreign earnings.

He added that similar gaps exist in non-oil exports, deepening a revenue crisis that has robbed Nigerians of essential services.

He said the House constituted the ad hoc committee in response to mounting evidence of non-compliance with export and pre-shipment inspection regulations across the oil, maritime, financial, and non-oil sectors.

“As parliamentarians, it is our constitutional duty to protect the integrity of the nation’s revenue system and ensure that every dollar earned from our natural resources works for Nigerians.

“We are to identify institutional and regulatory lapses, engage stakeholders across the oil, financial, maritime and non-oil export sectors and recommend practical legislative and policy solutions.

“This is not a witch-hunt, it is a national mission to recover value, close loopholes, and reinforce confidence in Nigeria’s economic governance,” he said.

Mr. Sowunmi said the work- shop was organised to bridge critical knowledge gaps that often hinder parliamentary oversight. Experts in international trade compliance, maritime operations, financial intelligence, and forensic auditing will be facilitating sessions.

He noted that their insights would equip the committee to analyse complex export data, understand the technical flow of oil transactions, and examine the policy implications of the sector’s shortcomings.

The chairman emphasised that Nigeria can no longer afford a system where export processes re- main opaque and proceeds remain unremitted. He stressed the need for digital tracking of every barrel exported and strict accountability across all agencies in the export value chain.