The Federal Government of Nigeria has disclosed that it has invested over $1.5 billion from 2020 to date to safeguard the nation’s oil installations and mitigate crude oil theft.
This was revealed by the Secretary to the Government of the Federation (SGF), George Akume, during a public hearing by the House of Representatives on crude oil theft.
Represented by the Permanent Secretary, General Services, Maurice Nandi, Akume expressed concern over the significant financial losses caused by oil theft.
Highlighting the gravity of the situation, Akume referenced a report by the Nigerian Extractive Industries Transparency Initiative (NEITI), which estimated that over $46 billion worth of crude oil was stolen between 2009 and 2020.
In response to these alarming figures, the House established a special committee led by Ado Doguwa, Chairman of the House Committee on Petroleum Upstream, to investigate the sector’s losses.
Further underscoring the issue, Speaker of the House Tajudeen Abbas, represented by Deputy Speaker Benjamin Kalu, noted that the country lost an additional $10 billion in just seven months due to crude oil theft.
Kalu emphasised the enormity of the challenge, stating that no quick fix could recover such substantial losses.
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