George Akume, Secretary to the Government of the Federation (SGF), disclosed that Nigeria has invested over $1.5 billion since 2020 in efforts to protect oil infrastructure and tackle crude oil theft. Akume made this announcement during a public hearing by the House of Representatives on crude oil theft and its impact on the country.
Akume addressed the severe consequences of oil theft, emphasizing its detrimental effects on the national economy, security, and the trust of both domestic and international stakeholders. "Crude oil theft continues to undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders," he said.
The SGF referenced a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) from 2020, which revealed that approximately 619 million barrels of crude oil, valued at $46 billion, were stolen from 2009 to 2020.
To address this issue, Akume called for an overhaul of the legal framework to impose harsher penalties on those involved in oil theft. "There is a need to strengthen the legal framework to ensure that those who engage in crude oil theft are made to face the full wrath of the law," he urged.
The hearing underscored the urgent need for robust measures to safeguard Nigeria's oil infrastructure and mitigate losses from theft. Akume highlighted that the country has struggled to meet its daily oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC), which has not only impacted revenue but also hindered the provision of essential services.
He noted that the $1.5 billion allocated since 2020 has been used to enhance surveillance, secure pipelines, and increase law enforcement presence in key oil-producing regions. The hearing is seen as a crucial step in the government's commitment to transparency, accountability, and tackling the challenges posed by crude oil theft.
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