Nigeria Loses 300,000 Barrels of Crude Oil Daily to Theft and Vandalism, Says House Speaker

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has raised concerns over Nigeria’s significant losses to oil theft, pipeline vandalism, and other criminal activities. He lamented that the country loses an estimated 300,000 barrels of crude oil per day, resulting in revenue losses amounting to N1.29 trillion annually.

Speaking at the inauguration of the New Headquarters Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State, Tajudeen emphasized the urgency for the Nigerian Navy to address these challenges. He urged the Navy to defend and protect Nigeria’s territorial waters against all forms of threats to safeguard the nation’s economy.

Tajudeen commended the steps taken by the Nigerian Navy in tackling oil theft but urged them to sustain the momentum. He highlighted the establishment of a special committee on Crude Oil Theft Losses as part of efforts to find decisive remedial actions to combat the menace.

Inaugurating the New Headquarters Naval Training Command, Governor Siminalayi Fubara emphasized the importance of the Nigerian Navy’s role in securing the nation’s maritime interests and blue economy. He underscored the need for visible advancements in security to protect against seaborne threats, piracy, and vandalism, particularly in Rivers State, which is exposed to such risks due to its littoral territory and significant natural resources.

Governor Fubara announced a donation of N350 million to support the Nigerian Navy in infrastructure development and operationalizing the training command. He reaffirmed Rivers State’s commitment to working closely with the Navy and other security agencies to ensure peace, security, and economic prosperity for the state and the nation.