The Nigerian Senate has revealed staggering losses estimated at over $300 billion due to crude oil theft, leakages, and systemic corruption in the Niger Delta region from 2015 to 2025. The disclosure came as part of an interim report from the Senate Ad-Hoc Committee investigating incessant crude oil theft and illegal activities undermining the country’s oil and gas sector.
Senator Ned Nwoko, chairman of the committee, presented a detailed report exposing deep-rooted inefficiencies, including weak enforcement of regulations, poor crude oil measurement standards, and large-scale unaccounted exports. According to the forensic review, significant revenue shortfalls resulted from diversion of crude proceeds, fraudulent accounting practices, and collusion among various stakeholders ranging from companies to illegal refineries.
The report highlights that between 2016 and 2017 alone, Nigeria lost approximately $81 billion due to discrepancies in crude oil revenue, while over $200 billion worth of proceeds remained untraceable from 2015 through 2024. One alarming finding was the loss of domestic crude oil and tax proceeds through the NNPC’s Direct Sale Direct Purchase (DSDP) programme, where billions of dollars meant for refining and government revenue were siphoned off.
The Senate called for urgent reforms, including the enforcement of international measurement protocols by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), deployment of modern surveillance technology such as unmanned aerial vehicles for pipeline monitoring, and creation of special courts for swift prosecution of offenders.
Senate President Godswill Akpabio lauded the committee’s efforts but emphasized that recovery of stolen funds lies with executive agencies like the EFCC and ICPC. Meanwhile, the report urges coordinated efforts among security agencies, regulatory bodies, and the judiciary to tackle this multifaceted challenge comprehensively.
The Senate has mandated the committee to continue investigations and submit a final report with actionable recommendations to curb oil theft and enhance revenue recovery for Nigeria’s economic stability.
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