Nigeria loses N1.29tn yearly to oil theft in Niger delta

The Speaker of the House of Representatives, Abbas Tajudeen, has said that the country is losing N1.29 trillion to oil theft and pipeline vandalism in the Niger Delta region.

Tajudeen disclosed this on Friday at the inauguration of the New Headquarters, Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State.

The Speaker, who was represented by the Chairman of the House of Representatives Committee on Defence, Babajimi Benson, said the country was losing an estimated 300,000 barrels of crude oil per day to theft.

He said the development had challenged the Nigerian Navy to rise to its mandate of contributing to the survival of the national economy.

The Speaker added that the House of Representatives last year inaugurated a committee to tackle crude oil theft losses in Nigeria.

“Unfortunately, Nigeria is estimated to lose over 300,000 barrels of crude oil daily to oil theft, pipeline vandalism and other forms of criminality.

“This has led to revenue losses estimated at N1.29 trillion annually,” he said.

Recall that the Organization of Petroleum Exporting Countries said that Nigeria lost its place as the largest oil producer in Africa to Libya.