SGF Akume: Since 2020, almost $1.5 billion has been spent to combat crude oil theft
Since 2020, the protection of oil infrastructure and the fight against crude oil theft have received approximately $1.5 billion in funding, according to George Akume, Secretary to the Government of the Federation (SGF). During a House of Representatives public hearing on crude oil theft and losses in Nigeria on Thursday, Akume disclosed this information. Akume emphasised the persistent problem of crude oil theft, stressing its negative effects on the security of the country, the economy, and the confidence of domestic and foreign stakeholders. He said "Crude oil theft continues to undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders." The SGF cited the Nigeria Extractive Industries Transparency Initiative's (NEITI) 2020 oil and gas report, which stated that over 619 million barrels of crude oil worth $46 billion were stolen between 2009 and 2020. Akume demanded that the legal system be strengthened in order to ensure that those who steal crude oil face harsh penalties in order to successfully tackle this problem. "There is a need to strengthen the legal framework to ensure that those who engage in crude oil theft are made to face the full wrath of the law," He added. The public hearing highlighted the critical need for comprehensive measures to protect Nigeria's oil infrastructure and curtail the significant losses due to crude oil theft. He stated; “Therefore, Nigeria has continually failed to meet its daily production quota as set by the Organization of the Petroleum Exporting Countries (OPEC). “This not only undermines our revenues but also hampers the provision of essential services that millions of Nigerians rely upon. The government has invested considerable resources in combating this menace. Since 2020, expenditure aimed at addressing crude oil theft and securing our oil infrastructure has exceeded $1.5 billion. “These funds have been allocated towards enhancing surveillance capabilities, securing pipelines, and increasing the presence of law enforcement agencies in critical oil-producing areas. “Thus, this hearing marks a pivotal step in our concerted efforts to confront this issue head-on. It is a demonstration of the government’s unwavering commitment to transparency, accountability, and the rule of law. “Today, we come together not only to scrutinize the extent of oil theft and its implications but also to chart a course for comprehensive solutions that will safeguard our nation’s wealth.” Read the full article












