The Senate has raised fresh concerns over Nigeria’s massive revenue leakages from crude oil theft, estimating that the country may have lost about $300 billion in the last decade.
The figure emerged on Wednesday as the Senate received an interim report from its ad hoc committee investigating repeated attacks on oil infrastructure and widespread theft in the Niger Delta. The committee, chaired by Senator Ned Munir Nwoko, said initial findings point to weak enforcement, poor measurement systems, and systemic irregularities across the upstream sector.
According to the panel, the loss estimates were drawn from submissions by industry regulators, security agencies, consultants, and various stakeholders. It said the gaps in crude measurement at production sites and export terminals have allowed unrecorded volumes to leave the system unnoticed.
The committee recommended strict enforcement of internationally recognised measurement standards by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), restoration of the Weights and Measures Department to upstream operations, and deployment of modern surveillance tools — including drones — to help curb oil theft.
It also advised the Federal Government to establish a dedicated maritime trust fund, set up special courts for oil-related offences, and take over abandoned wells for better oversight.
However, parts of the report sparked debate among lawmakers after the committee proposed being empowered to “track, trace and recover” stolen crude and associated revenue. Several senators warned that recovery falls outside the legislature’s constitutional role.
Senator Abdul Ningi noted that the Senate could identify losses and highlight responsible parties but that asset recovery should be handled by agencies such as the EFCC and ICPC. He also referenced consultant data showing an $81 billion revenue gap recorded between 2016 and 2017 alone, in addition to an estimated $200 billion in unaccounted crude proceeds since 2015.
Other lawmakers, including Senator Solomon Adeola and Senator Ibrahim Dankwambo, urged the committee to provide more granular details in its final submission — including the names of entities involved, the specific assets affected, and well-by-well estimates of stolen volumes.
Senate President Godswill Akpabio commended the committee’s work but aligned with colleagues who argued against granting recovery powers to the legislature. He described the reported losses as “alarming,” saying they highlight an urgent need for deeper reforms in the petroleum sector.
The Senate adopted the interim report and directed the committee to continue its investigations and present a detailed final report with actionable recommendations.
