Nigeria Oil Security: FG Spends Over $1.5 Billion on Security

Massive Investment in Oil Security

The Secretary to the Government of the Federation, George Akume, disclosed that Nigeria has spent upwards of $1.5 billion on oil security installations from 2020 to the present. This significant financial commitment was announced during a public hearing conducted by the House of Representatives concerning crude oil theft.

Details from the Public Hearing

Led by George Akume and represented by Maurice Nandi, the hearing addressed the severe issue of crude oil theft. NEITI previously reported over $46 billion in stolen crude from 2009 to 2020, triggering governmental action. This alarming data prompted the government to respond decisively to curb these losses.

Parliamentary Response to Oil Theft

The House of Representatives has formed a special committee to delve deeper into these losses. Chaired by Ado Doguwa, the committee seeks to investigate and curb the severe financial losses in the oil and gas sector. The sector’s escalating losses have reached critical levels, necessitating urgent intervention. Their goal is to identify and implement strategies to stem this financial bleed effectively.

Staggering Losses Reported

Speaker Tajudeen Abbas, through Deputy Benjamin Kalu, reported a $10 billion loss in seven months due to crude oil theft. This significant financial drain underscores the urgency of addressing ongoing oil security issues. This revelation underscores the urgency and complexity of the issue at hand.

Government’s Stance and Future Actions

The Federal Government reiterates its commitment to eradicating crude oil theft and ensuring the integrity of Nigeria’s oil resources. The government firmly invests heavily in security and continually evaluates new measures to protect the nation’s assets.

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Continued Vigilance and Legislative Efforts

Nigeria’s legislative and executive branches collaborate closely to devise strategies addressing the symptoms and root causes of oil theft. The ongoing efforts are crucial for stabilizing the economy and maintaining the flow of resources.

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