Nigeria is losing more barrels of crude oil daily than some OPEC member countries produce, according to Senator Ned Nwoko, Chairman of the Senate Ad Hoc Committee on Crude Oil Theft.
Speaking in Abuja during an interview with the News Agency of Nigeria (NAN), Mr. Nwoko described crude oil theft as one of the country’s most damaging economic threats. “Nigeria loses billions of dollars annually to crude oil theft. This is severely undermining our economy, weakening the Naira, and depriving the nation of vital revenue needed for infrastructure, healthcare, education, and social development,” he said.
The senator, who represents Delta North, revealed that over 200,000 barrels are reportedly stolen each day—more than the daily output of some other oil-producing nations.
He warned that the scale of the theft is not just an economic issue but also a national security and environmental crisis. “This criminal enterprise fuels corruption, funds illegal activities, and devastates our environment through spills and pollution,” he noted.
The Senate committee he chairs recently held a two-day public hearing aimed at identifying and closing the loopholes enabling oil theft. According to him, “The public hearing was not just another talk shop; it was a decisive platform to uncover the root causes of crude oil theft, bunkering, and pipeline vandalism.”
Nwoko stressed the need for stronger laws, better surveillance, and closer collaboration between security agencies and stakeholders. “We are committed to improving inter-agency collaboration between the military, police, NSCDC, and private security firms and enforcing transparency in crude oil lifting and metering processes,” he said.
He added that forensic experts have been engaged to trace crude oil theft from the point of lifting to sales and bank transactions. “This is truly yielding great results, and the ad-hoc committee will not hesitate to publish its findings in due time.”
“The future of Nigeria’s economy and the well-being of generations unborn depend on the actions taken today,” Nwoko concluded.
