The Senate committee probing crude oil theft says about ₦300 billion in domestic crude proceeds cannot be traced. Its interim report shows major gaps in Nigeria’s oil revenue records and faults weak oversight across several agencies.
The report says a forensic review found mismatches and unaccounted funds worth about $22 billion from domestic crude and tax oil proceeds. It also cites an $81 billion gap between figures declared by NNPCL and those recorded by the CBN in 2016 and 2017. The committee adds that global sales from 2015 suggest more than $200 billion remains unaccounted for.
The committee links the problem to faulty measuring systems, poor regulation and weak coordination among government agencies. It lists unverified meters, lack of metrological checks and poor enforcement as key enablers of oil theft. It also faults the suspension of the Weights and Measures Department under the Petroleum Industry Act, saying the move weakened accountability.
The report calls for stricter measurement standards, better interagency cooperation and stronger security at oil sites. It asks the government to equip security agencies with modern surveillance tools, including unmanned aerial vehicles. It also proposes a maritime trust fund and the creation of a special court to prosecute oil thieves.
The committee urges full implementation of the Host Communities Development Trust Fund to reduce sabotage in oil-producing areas. It raises concern about abandoned oil wells leaking into the environment and wants them handed to the NUPRC for transfer to modular refineries.
It notes a slight recovery in production, rising 9.5 percent in 2023. The committee wants authority to track and recover stolen funds worldwide, but the Senate says its job is only to name culprits for the executive to act on.
Public reaction ranges from anger to resignation, with analysts saying the findings confirm long-standing corruption in the sector.
