Akume Announces How Billion Expenditure On Oil Theft Measures Since 2020

Akume Announces How Billion Expenditure On Oil Theft Measures Since 2020

George Akume, Secretary to the Government of the Federation (SGF), announced that over $1.5 billion has been allocated since 2020 to protect oil infrastructure and address crude oil theft. He shared this update during a public hearing by the House of Representatives on crude oil theft and losses in Nigeria…….. CONTINUE READING 

Akume underscored the severe impact of oil theft on the national economy, security, and stakeholder trust. “Crude oil theft continues to undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders,” he said.

He referenced the 2020 report from the Nigeria Extractive Industries Transparency Initiative (NEITI), which revealed that from 2009 to 2020, around 619 million barrels of crude oil, valued at $46 billion, were stolen.

To tackle this issue, Akume called for stronger legal measures to ensure harsh penalties for those involved in oil theft. “We need to strengthen the legal framework to ensure that perpetrators of oil theft face severe legal consequences,” he urged.

The hearing highlighted the urgent need for comprehensive strategies to protect Nigeria’s oil infrastructure and mitigate losses from oil theft.

Akume further stated:

“Nigeria has consistently failed to meet its daily production quota set by the Organisation of the Petroleum Exporting Countries (OPEC). This not only undermines our revenues but also affects the provision of essential services for millions of Nigerians. The government has invested significantly in combating this issue, with over $1.5 billion allocated since 2020 to address oil theft and secure our oil infrastructure.

“These funds have been used to enhance surveillance, secure pipelines, and increase law enforcement presence in key oil-producing areas. This hearing is a crucial step in our efforts to tackle the issue directly, demonstrating the government’s commitment to transparency, accountability, and the rule of law.

“Today, we gather to evaluate the extent of oil theft and its consequences, and to devise comprehensive solutions to protect our nation’s wealth.”