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Nigeria lost $2b to oil theft this year – Senate report

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NIGERIA lost $2 billion or an equivalent to N1.3trillion to oil theft between January and August this year.

  The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy gave the figure in a preliminary report it released at the end of its sitting.

Although the committee regretted that the rip-off was perpetrated with active connivance of top shots of the nation’s energy sector despite far-reaching recommendations for stemming the tide, it failed to name a single person or corporate entity connected to oil theft.

  “Nigeria lost over $2bn to oil theft between January and August 2022, with consequent loss of revenue that would support the country’s fiscal deficits and budget implementation, despite concerted efforts being made against the crime by all stakeholders that had started yielding results, with Forcados Terminal producing 500,000 barrels per day now as against zero production in the first six months of the year. “Bonny Terminals was also producing 87,000 barrels of oil per day now as against zero production a couple of months ago due to activities of economic saboteurs,” the report reads in part.

  It will be recalled that Senate had on April 14, constituted a 13 member ad-hoc committee on oil lifting, theft, and the impact on petroleum production and oil revenue headed by chairman of Senate Committee on Petroleum (upstream), Senator Akpan Bassey.

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