Senate Orders Probe into N2.3 Trillion Loss to Oil Theft

The Nigerian Senate has taken steps to investigate the colossal loss of N2.3 trillion in 2023 due to oil theft in the country. The investigation is set to scrutinize the activities of security forces and militia groups employing advanced techniques to steal crude oil.

Senator Ned Munir Nwoko of Delta North initiated this action during a plenary session. He pointed out that available data indicates that pipeline vandalism and oil bunkering have had dire socio-economic consequences for Nigeria. Nwoko alleged that some individuals within security agencies have colluded with unscrupulous figures in the oil industry, engaging in illicit oil theft activities. These actions have undermined the collective efforts of the Joint Task Force of the Nigerian military and other security organizations in curbing this menace.

Nwoko stated, “The current collaborative efforts involving the Joint Task Force of the Nigerian military, operations like Operation Delta Safe and Operation Dakartada Barawo, along with the contributions of various security entities, state and local governments, and International Oil Companies (IOCs) in the Niger Delta region have yielded positive results. These efforts have led to an increase in oil production, reaching 1.51 million barrels per day in the first quarter of 2023.”

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