George Akume, secretary to the government of the federation (SGF), says over $1.5 billion has been spent on protecting oil infrastructure and addressing crude oil theft since 2020.
Akume spoke on Thursday during a public hearing of the house of representatives on crude oil theft and losses in Nigeria, The Cable reports.
The SGF said crude oil theft has continued to “undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders”.
Related Posts:
Akume cited the 2020 oil and gas report released by the Nigeria Extractive Industries Transparency Initiative (NEITI), which indicated that 619 million barrels of crude valued at $46 billion were stolen from 2009 to 2020.
“Therefore, Nigeria has continually failed to meet its daily production quota as set by the organisation of the Petroleum Exporting Countries (OPEC),” the SGF said.
“This not only undermines our revenues but also hampers the provision of essential services that millions of Nigerians rely upon.
“The government has invested considerable resources in combating this menace. Since 2020, expenditure aimed at addressing crude oil theft and securing our oil infrastructure has exceeded $1.5 billion.
“These funds have been allocated towards enhancing surveillance capabilities, securing pipelines, and increasing the presence of law enforcement agencies in critical oil-producing areas.
“Thus, this hearing marks a pivotal step in our concerted efforts to confront this issue head-on. It is a demonstration of the government’s unwavering commitment to transparency, accountability, and the rule of law.
“Today, we come together not only to scrutinize the extent of oil theft and its implications but also to chart a course for comprehensive solutions that will safeguard our nation’s wealth.”
Akume said there is a need to strengthen the legal framework to ensure that those who engage in crude oil theft are made to face the full wrath of the law.
The Cable
Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.
