May 30, 2024

Nigeria loses 300,000b/d to oil theft, says Speaker Abbas


Ilenre Irele

The Speaker of the House of Representatives, Hon. Tajudeen Abbas, has disclosed that Nigeria loses an estimated 300,000 barrels of crude oil per day to theft.

Towards this Abbas stated that the loss was a challenge for the Nigerian Navy to rise up to its mandate of contributing to the survival of the national economy.

The Speaker disclosed these at the inauguration of the new headquarters of Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State on Friday.

Represented by the Chairman, House of Representatives Committee on Defence, Hon. Babajimi Benson, the Speaker tasked the Nigerian Navy to defend and protect the sovereignty of Nigeria’s territorial waters against all forms of threats.

He said, “Unfortunately, it is estimated that Nigeria loses 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 N1.29trillion annually.

“Therefore, concerned about the adverse effects of oil theft in Nigeria, I inaugurated a special committee on Crude Oil Theft Losses on November 22, 2023, to determine decisive remedial actions to be taken.

“I commend the Nigerian Navy on the steps taken so far, and I urge the Navy to sustain the momentum.”

For his part, Rivers State Governor, Siminalayi Fubara, announced the donation of N350million to the Nigerian Navy to support the continuing infrastructure development and operationalisation of the training command in the State.

On his part, the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, assured that the Nigerian Navy will continue to carry out operations to ensure security of the nation’s maritime domain as well as secure Rivers State and the entire Niger Delta region generally.

Ogalla thanked the Rivers State Government for the donation of the entire complex to demonstrate the existing cordial relationship between the Nigerian Navy and Rivers State, saying that the relocation of the Headquarters Naval Training Command from Lagos to Rivers State will bolster human capacity development of personnel of the Nigerian Navy.

He said, “It will also assist in providing the enabling environment for learning and enable us to carry out the statutory manning of the entire State, and national security of our country.

“This is in line with Mr President’s mandate given to us to provide the enabling environment for the harnessing of the enormous economic potentials inherent in our blue economy for the overall good, national prosperity and development.”

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