Emmanuel OchayiSenator Ned Nwoko has disclosed that Nigeria has suffered a loss of N2.3 trillion due to crude oil theft in 2023.
Disclosing this yesterday, he emphasized that the socio-economic impact of pipeline vandalism and oil bunkering has plunged the nation into a crisis.
“In March 2023, Nigeria incurred a substantial loss of 65.7 million barrels of crude oil, valued at $83 per barrel, translating to a staggering revenue loss of N2.3 trillion because of oil theft,” Senator Nwoko said.
READ ALSO: Nigeria Records 164 Crude Oil Theft Incidents In One Week
Senator Nwoko also highlighted the troubling collaboration between security forces, militia groups, local residents, and certain oil company employees that allows oil theft to thrive.
Contributing to the deliberations, Senator Buhari Abdulfatai called for punitive measures to combat oil bunkering, emphasizing the need to review and enforce laws against oil thieves.
Senator Adams Oshiomhole asserted that oil theft involves organized criminal activities and the active involvement of both bunkers and security personnel. He pointed out that this is why many security agents actively seek postings in oil-producing communities.
In response, Senate President Godswill Akpabio instructed Senate committees to initiate investigations into the activities of security forces, militia groups, local residents, and oil company employees involved in oil theft.
The committees are expected to present their findings to the Senate within a six-week timeframe. The nation’s fight against crude oil theft takes on a renewed sense of urgency as Nigeria seeks to secure its vital oil resources and economic stability.
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