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Nigeria Loses N5 Trillion Yearly to Oil Theft, Reps Lament

The House of Representatives has resolved to set up an ad-hoc committee to ascertain the quantity of oil stolen on a daily basis and the people responsible for the theft within the country.

The Reps decision followed the adoption of a motion on oil theft in Nigeria moved by Hon. Chukwuma Umeoji who represents Aguata federal constituency, Anambra State.

Hon. Umeoji had stressed that Nigeria losses about N5 trillion yearly from oil theft, an amount which the government desperately needs to finance the budget.

The lawmaker noted that about 22 million barrels of crude oil, amounting to about N1.3 trillion of crude oil were stolen in the Niger Delta in 2019 alone.

According to him, “Oil theft is not only an economic loss but also causes environmental damage due to breaches on oil pipelines and the incidents are on the upsurge.”

Asides ascertaining how much oil theft goes on in the country daily, the committee is also mandated to determine the volume of oil extracted in the country on a daily basis, as well as to determine the quantity of oil sold at the internal markets and the quantity consumed locally.


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