Worried by reports of incessant cases of crude oil theft in Nigeria, the house of Representatives has resolved to constitute an Ad-hoc Committee to investigate with a view to curbing
economic loss to the country.
This according to the house is to ensure that everyone complicit in the theft is brought to book.
The resolution was reached sequel to the adoption of a motion by a member from Benue state Mr Phillips Agbese at plenary.
The lawmaker stated that in recent times, the media has been replete with news on the loss of trillions of Naira as
a result of crude oil theft and loss of revenue from Oil and Gas exploration in the country.
He said that according to reports, about 40 percent of crude oil loss is due to inaccuracies in measurement and theft as metering errors continue to occur as a result of poor maintenance of metering facilities, thus resulting to lack of transparency in hydrocarbon accounting.
Mr Agbese expressed concern about reports which revealed that in 2021 alone, Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day, saying the figures have risen since then.
“Also concernedthat security agencies of the Federal Government are allegedly complicit and largely responsible for facilitating most of the oil theft in the Niger Delta.
“Disturbed about a 2022 report by the Nigerian Extractive Industry Transparency Initiative ( NEITI)
that about 619.7 million barrels of crude oil , valued at $46.16billionhave been stolen in the last 12 years, while stakeholders have often described crude oil theft in the country as an organized crime perpetrated by the Nigerian elite.
The lawmaker observed that in spite of the huge funds appropriated to adequately equip Nigeria’s security and
intelligence agencies, their performance in terms of curbing oil theft has been abysmal.
According to him, if crude oil theft is allowed to go on unhindered, it will result in, not only devastating
consequences to the country’s economy, but it will also gravely impact the environment, health and
social life of the host communities;