…says huge revenue lost annually
President of the Senate, Godswill Akpabio, has described crude oil theft as an act of economic sabotage undermining the federal government’s annual revenue projections.
Speaking on Thursday in his opening remarks at a two-day Public Hearing on the incessant and nefarious acts of crude oil theft in the Niger Delta and the actors, the President of the Senate disclosed that between 150,000 and 400,000 barrels of crude oil per day are lost to oil theft.
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Represented by Deputy Senate President, Barau Jibrin, Akpabio noted that apart from fueling economic instability, the proceeds from the illegal business is often funneled into arms procurement that undermines national security.
He said: “Nigeria’s oil and gas sector remains the lifeblood of our economy, accounting for over 80% of government revenue and 90% of foreign exchange earnings. Yet, for decades, we have watched in dismay as criminal syndicates—both foreign and domestic—continue to siphon our crude oil with brazen impunity.
“Recent reports indicate that Nigeria loses between 150,000 and 400,000 barrels of crude oil per day to theft—a staggering haemorrhage that translates to billions of dollars in lost revenue annually.
“This theft is not a victimless crime. It directly undermines our economic stability, devalues the Naira, starves critical sectors of funding, and perpetuates poverty in oil-producing communities. Worse still, it finances illegal arms, fuels violence, and emboldens criminal networks that threaten national security.
“Let me be unequivocal, crude oil theft is an act of economic sabotage, and it must be treated as such. Those behind this criminal enterprise are enemies of the state, and they must be pursued, prosecuted, and punished to the fullest extent of the law. We can no longer tolerate a situation where a few greedy individuals and cartels hold our nation’s wealth hostage while millions of Nigerians suffer.”
To curb the menace, Senator Akpabio said only collaborative efforts between the international oil companies, the security agencies, host communities and relevant regulatory agencies in the upstream oil sector would check the criminal elements.
He also disclosed that the 10th National Assembly was willing to put stiffer legislations in place to curb the offenders.
“We must also critically examine the roles of regulatory agencies, security forces, oil companies, and host communities in either enabling or combating this crime.
“The 10th National Assembly will not stand by while our economy bleeds. We are prepared to strengthen laws, enhance oversight, and ensure that agencies responsible for protecting our oil assets are held accountable.
“Specifically, we will consider: Stiffer penalties for oil theft, including terrorism charges for major offenders.
“Mandatory digital metering and real-time monitoring of all oil production and exports.
“Greater transparency in crude oil lifting and revenue reporting.
“Enhanced collaboration between the military, police, NSCDC, EFCC, and international partners to track and intercept stolen crude.
“This fight cannot be left to the government alone. Oil companies must invest in modern surveillance technology and secure pipelines. Host communities must see themselves as first-line defenders of these assets, not victims or accomplices. And security agencies must demonstrate zero tolerance for complicity.
“As I declare this Public Hearing open, I charge all stakeholders to engage with the utmost seriousness. The recommendations from this session must lead to actionable, measurable, and time-bound solutions. Nigeria’s survival depends on it.”
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