Oil theft: Nigeria loses $2 billion in eight months, Senate reveals

The Nigerian Senate revealed on Tuesday that the country had lost $2 billion from oil theft in eight months.

The ad hoc committee of the red chamber revealed this following its investigations into the theft of oil from January to August this year.

The upper legislative chamber has not specifically indicted any person or entity for the alleged economic sabotage that is ravaging the country.

Furthermore, the Senate in plenary adopted the committee's report as presented by its chairman, Senator Albert Akpan Bassey, but said it had impacted far-reaching recommendations to stem the tide. .

The committee, in one of its findings, said: “Nigeria lost over $2 billion to oil theft between January and August 2022, with lost revenue that would have supported deficits budgets and the execution of the country's budget."

Furthermore, part of the report indicates that concerted efforts against crime have been positive, with the Forcados terminal currently producing 500,000 barrels per day compared to zero production in the first six months of the year.< /p>

Additionally, Bonny Terminals is reportedly currently producing 87,000 barrels of oil per day, compared to zero production a few months ago due to the activities of economic saboteurs.

The committee further recommended that the Nigerian National Petroleum Company Limited, NNPCL, stop preventing the Nigerian Upstream Petroleum Regulatory Commission, NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA from performing their duties.< /p>

He also said that the provisions of the Petroleum Industry Act, PIA, should be adhered to by the NNPCL with respect to the functions of the established agencies.

And that there is a need to immediately rationalize the agencies present in the terminals according to the relevance of their upstream and downstream statutory functions defined by the PIA, among others.