The Federal Government of Nigeria has allocated more than $1.5 billion from 2020 to the present to safeguard the nation’s oil installations and combat crude oil theft.
This significant expenditure was disclosed by the Secretary of the Government of the Federation (SGF), George Akume, during a public hearing by the House of Representatives on crude oil theft.
Akume, represented at the hearing by Maurice Nandi, Permanent Secretary of General Services, expressed deep concern over the findings of the Nigerian Extractive Industries Transparency Initiative (NEITI).
The report revealed that over $46 billion worth of crude oil was stolen between 2009 and 2020, highlighting the severity of the issue.
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In response, the House of Representatives has established a special committee, led by Ado Doguwa, Chairman of the House Committee on Petroleum Upstream, to investigate the extensive losses in the oil and gas sector.
Speaker of the House Tajudeen Abbas, represented by Deputy Speaker Benjamin Kalu, noted that $10 billion has been lost to crude oil theft in just seven months.
Kalu underscored the gravity of the situation, stating that such enormous losses pose a significant challenge that cannot be easily remedied by the government.
The hearing underscores the urgent need for effective measures to address crude oil theft and protect Nigeria’s vital oil resources.
