Nigeria Loses Over 300,000 Barrels Of Crude Oil Daily To Theft – Abbas

Speaker of the House of Representatives, Hon.Tajudeen Abbas, has said Nigeria loses an estimated 300,000 barrels of crude oil per day to theft.
Abbas made the remark at the inauguration of the New year Naval Training Command Headquarters in Ebubu community, Eleme Local Government Area of Rivers State.
Represented by the Chairman, House of Representatives Committee on Defence, Hon. Babajimi Benson, Abbas said the challenge has led to the call for the Nigerian Navy to rise up to its mandate of contributing to the survival of the national economy.
He further urged 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 N1.29 trillion 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”.
Abbas commended the Nigerian Navy on the steps taken so far saying “I urge the Navy to sustain the momentum”.