Nigeria Spent ₦2.398 Trillion To Fight Crude Oil Theft

“These funds have been allocated towards enhancing surveillance capabilities, securing pipelines, and increasing the presence of law enforcement agencies in critical oil-producing areas.” In his address, the chairman House Special Committee on Oil Theft/Losses, Alhassan Ado Doguwa, said undetected vessels transporting stolen crude oil, collaboration among government and security agencies and inefficiencies of current measures to combat oil theft are challenges affecting Nigeria meeting her production quota.

He disclosed that Nigeria Extractive Industries Transparency Initiative (NEITI) 2020 Oil and Gas report showed Nigeria lost 619 million barrels of crude oil to theft valued at $46 billion – ₦73,949,032,000,000 (Seven-three trillion, Nine hundred and forty-nine billion and Thirty-two million naira) – using Central Bank of Nigeria (CBN) buying rate of 1598.892 to $1.

Also, since 2020, NEITI report showed Nigeria spent on crude oil security $1.5 billion – ₦2,398,338,000,000 (Two trillion, Three hundred and ninety-eight billion, Three hundred and thirty-eight million naira) using Central Bank of Nigeria (CBN) buying rate of 1598.892 to $1..

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