Nigeria’s Annual Loss to Oil Theft in Niger Delta Stands at N1.29tn

Speaker of the House of Representatives, Abbas Tajudeen, revealed that Nigeria is facing a staggering loss of N1.29 trillion annually due to oil theft and pipeline vandalism in the Niger Delta region.

Speaking at the inauguration of the New Headquarters of the Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State on Friday, Tajudeen highlighted the severity of the situation.

Representing the Speaker, Chairman of the House of Representatives Committee on Defence, Babajimi Benson, emphasized that the country is witnessing the loss of an estimated 300,000 barrels of crude oil daily to theft.

He stated that this concerning trend has put immense pressure on the Nigerian Navy to fulfill its duty of supporting the national economy’s stability.

Additionally, the Speaker mentioned that the House of Representatives established a committee last year specifically tasked with addressing the losses incurred due to crude oil theft in Nigeria.

“Regrettably, Nigeria is grappling with the unfortunate reality of losing over 300,000 barrels of crude oil daily to theft, pipeline vandalism, and various criminal activities,” he pointed out.

This has resulted in an annual revenue deficit estimated at a staggering N1.29 trillion,” he added.

It is worth noting that the Organization of Petroleum Exporting Countries reported that Nigeria has relinquished its title as the largest oil producer in Africa to Libya.