The Federal Government has spent over $1.5 billion to protect oil infrastructure and address crude oil theft since 2020.
Secretary to the Government of the Federation (SGF), George Akume, disclosed this on Thursday, at a public hearing of the House of Representatives on crude oil theft and losses in Nigeria.
According to the SGF, crude oil theft has continued to “undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders.”
He further referenced 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)
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“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.
