The Federal Government has disclosed that it has spent a staggering $1.5 billion since 2020 to safeguard the nation’s oil installations and combat crude oil theft.
This revelation was made by the Secretary of the Government of the Federation (SGF), George Akume, represented by Permanent Secretary, General Services, Maurice Nandi, at a public hearing of the House of Representatives on crude oil theft, on Thursday.
Akume cited the alarming report from the Nigerian Extractive Industries Transparency Initiative (NEITI), which estimated that over $46 billion worth of crude oil was stolen between 2009 and 2020.
In response, he said, the House of Representatives established a special committee, chaired by Ado Doguwa, to investigate the losses in the oil and gas sector.
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“The Federal Government was concerned about the report from the Nigerian Extractive Industries Transparency Initiative (NEITI), which pointed to over $46 billion worth of stolen crude between 2009 and 2020.
“The House had set up a special committee, headed by the Chairman of the House Committee on Petroleum Upstream, Ado Doguwa, to investigate the losses in the oil and gas sector,” Akume said.
The government’s significant expenditure underscores its commitment to addressing the scourge of crude oil theft and protecting the country’s vital oil installations.
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