NIGERIA may have forfeited more than $300 billion in crude oil revenue to theft, operational leakages and entrenched corruption over the years, an explosive Senate investigation has revealed.
News Point Nigeria reports that the interim findings of the Senate Ad-Hoc Committee on Oil Theft in the Niger Delta were presented on Wednesday by its Chairman, Senator Ned Nwoko (Delta North), exposing alarming lapses across the country’s oil production and export systems.
According to the 40-page report, the losses described by lawmakers as “mind-boggling” stem from crude theft syndicates, illegal bunkering, sabotage, inaccurate measurement systems and large-scale revenue diversion.
“The findings so far expose systemic irregularities and inefficiencies that have robbed the country of enormous wealth,” Nwoko told the chamber.
“This is not just oil theft, it is an organised assault on our national economy.”
Citing independent consultant data, the committee reported that: Between 2016 and 2017 alone, Nigeria recorded $81 billion in crude revenue shortfalls and since 2015, more than $200 billion in crude proceeds remain unremitted or untracked and crude evacuation and metering procedures remain below global standards, enabling cover-ups.
The committee warned that continued negligence could further undermine national financing, foreign exchange earnings and the implementation of the Petroleum Industry Act (PIA).
Despite a unanimous agreement that the revelations are “disturbing,” lawmakers were divided on the committee’s proposal to recover stolen crude and diverted funds.
Senator Abdul Ningi (Bauchi Central) cautioned that the Senate must not exceed constitutional limits: “We can track and trace, but recovery is not our mandate. That responsibility lies with the EFCC, ICPC and the executive.”
Supporting the argument, Appropriations Committee Chairman, Senator Solomon Adeola (Ogun West), insisted that while the Senate could expose culprits, it could not enforce recovery.
Former Accountant-General of the Federation, Senator Ibrahim Dankwambo (Gombe North), demanded a granular audit to dismantle the criminal network:
“This is a complex web involving companies, individuals, security operators and illegal refineries. We must identify every player well-by-well and rig-by-rig.”
To stem the losses, the committee recommended:
– Enforcement of international crude measurement standards by NUPRC
– Drone surveillance and modern monitoring of pipelines and export routes
– Establishment of a Maritime Trust Fund for coastal security
– Special courts for speedy conviction of oil criminals
– Full implementation of Host Communities Trust Fund under the PIA
– Reallocation of abandoned oil wells for productive use
Presiding over the heated session, Senate President Godswill Akpabio praised Nwoko and the committee for exposing the scale of revenue haemorrhage, but reinforced calls for legislative caution.
“Our duty is to track and trace. Recovery lies with government agencies. This $300 billion revelation is staggering and demands urgent systemic reform.”
The Senate adopted the interim report and ordered the committee to continue its investigation, with a final report expected to include person-specific accountability and clear action steps to halt oil theft once and for all.