Over $1.5bn spent since 2020 to curb crude oil theft – SGF Akume
George Akume, Secretary to the Government of the Federation (SGF), disclosed during a public hearing by the House of Representatives that over $1.5 billion has been allocated to protect oil infrastructure and combat crude oil theft since 2020.
Akume emphasized the ongoing issue of crude oil theft, highlighting its negative impact on the national economy, security, and stakeholder trust. He referenced a 2020 report by the Nigeria Extractive Industries Transparency Initiative (NEITI), which revealed that from 2009 to 2020, approximately 619 million barrels of crude oil worth $46 billion were stolen.
Akume called for a strengthened legal framework to ensure strict penalties for those involved in crude oil theft, stressing the need for comprehensive measures to protect Nigeria’s oil infrastructure and reduce significant losses.
He said;
“Therefore, Nigeria has continually failed to meet its daily production quota as set by the Organisation of the Petroleum Exporting Countries (OPEC).
“This not only undermines our revenues but also hampers the provision of essential services that millions of Nigerians rely upon. The government has invested considerable resources in combating this menace. Since 2020, expenditure aimed at addressing crude oil theft and securing our oil infrastructure has exceeded $1.5 billion.
“These funds have been allocated towards enhancing surveillance capabilities, securing pipelines, and increasing the presence of law enforcement agencies in critical oil-producing areas.
“Thus, this hearing marks a pivotal step in our concerted efforts to confront this issue head-on. It is a demonstration of the government’s unwavering commitment to transparency, accountability, and the rule of law.
“Today, we come together not only to scrutinize the extent of oil theft and its implications but also to chart a course for comprehensive solutions that will safeguard our nation’s wealth.”
