By Dr. Nafisat Makinde
The Senate Ad-hoc Committee on Oil Theft says Nigeria has lost an estimated $300 billion to crude oil theft and unaccounted proceeds, an amount lawmakers describe as equal to almost ten years of the nation’s budget.
Committee Chairman Sen. Ned Nwoko presented the interim report during Wednesday’s plenary, revealing massive revenue leakages from production sites and export terminals across the Niger Delta region.
Nwoko said the committee recommended compulsory enforcement of international crude oil measurement standards and urged the Nigerian Upstream Petroleum Regulatory Commission to deploy advanced metering technology to eliminate under-reporting of crude volumes.
He also proposed that the Federal Government introduce modern surveillance systems, including unmanned aerial vehicles, to help security agencies monitor pipelines and prevent theft. The committee called for the creation of special courts to quickly prosecute oil thieves and their collaborators.
The report advised full implementation of the Host Communities Development Trust under the Petroleum Industry Act to reduce sabotage and strengthen community participation. It further recommended that abandoned or decommissioned oil wells be transferred to the NUPRC for possible allocation to modular refineries to boost local processing.
Deputy Senate Leader Sen. Lola Ashiru said the findings expose a threat to national revenue and development, stressing that the country cannot afford to ignore the losses. Senate President Godswill Akpabio commended the committee and asked it to continue investigations and present a comprehensive final report.
