Nigeria’s losses due to crude oil theft are more significant than those of some other Organisation of Petroleum Exporting Countries, OPEC members, the Chairman, Senate Ad hoc Committee on Crude Oil Theft, Sen. Ned Nwoko, has said.
He disclosed this on Thursday in Abuja,where he also lamented the detrimental impact of the issue, including economic damage, environmental destruction, and its impact on host communities.
According to him, it was weakening the Naira, and depriving the nation of vital revenue needed for infrastructure, healthcare, education, and social development.
The scale of oil theft, he said, is staggering, with reports indicating losses of over 200,000 barrels per day.
He disclosed that the ad hoc committee on Crude Oil Theft which he chaired recently had a two-day public hearing on the rampant theft of crude oil through illegal bunkering, pipeline vandalism, and the systemic gaps in the regulation and surveillance of the nation’s petroleum resources.
He explained that the public hearing was a pivotal step in addressing one of the most pressing challenges facing the nation.
He added:‘’Nigeria loses billions of dollars annually to crude oil theft. This is severely undermining our economy, weakening the Naira, and depriving the nation of vital revenue needed for infrastructure, healthcare, education, and social development.
‘’The scale of this theft is staggering, with reports indicating losses of over 200,000 barrels per day more than some OPEC member nations produce.
‘’This criminal enterprise fuels corruption, funds illegal activities, and devastates our environment through spills and pollution.
‘’The public hearing was not just another talk shop; it was a decisive platform to uncover the root causes of crude oil theft, bunkering, and pipeline vandalism.
‘’It was a platform to evaluate the effectiveness of existing surveillance, monitoring, and enforcement mechanisms; Identify regulatory and legislative gaps that enable these crimes to thrive.
‘’It was also to engage stakeholders, security agencies, host communities, oil companies, regulators, and experts to proffer actionable solutions; and strengthen legal frameworks to ensure stricter penalties and more efficient prosecution of offenders,’’ he said.
Nigeria’s survival depended on how it tackled the menace, he said,adding that the country cannot continue to hemorrhage resources while its people suffer.
He said:”The future of our economy and the well-being of generations unborn depend on the actions we take today.
‘’The Senate and the National Assembly are committed to passing laws that will Strengthen regulatory agencies; NUPRC, NEITI, NSA among others, as well as enhance community engagement and alternative livelihoods for Niger Delta youth.
‘’We are also committed to improving inter-agency collaboration between the military, police, NSCDC, and private security firms and enforcing transparency in crude oil lifting and metering processes.’’
