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Home » N1.29tn Lost To Oil Theft Annually — Speaker

N1.29tn Lost To Oil Theft Annually — Speaker

by Joshua
April 27, 2024
in Featured, News

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has lamented that Nigeria loses an estimated 300,000 barrels of crude oil per day to oil theft, pipeline vandalism, and other forms of criminality.

Tajudeen stated that the menace has culminated in revenue losses estimated at N1.29 trillion annually.

He spoke while delivering his address at the inauguration of the New Headquarters Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State performed by Governor Siminalayi Fubara on Friday.

Tajudeen, who was represented by the Chairman, House of Representatives Committee on Defence, Babajimi Benson, therefore, challenged the Nigerian Navy to rise up to its mandate of contributing to the survival of the national economy.

He particularly urged the Nigerian Navy to defend and protect the sovereignty of Nigeria’s territorial waters against all forms of threats.

Tajudeen said, “Unfortunately, it is estimated that Nigeria loses over 300,000 barrels of crude oil daily to oil theft, pipeline vandalism, and other forms of criminality. This has led to revenue losses estimated at N1.29 trillion annually.

“Therefore, concerned about the adverse effects of oil theft in Nigeria, I inaugurated a special committee on Crude Oil Theft Losses on November 22, 2023, to determine decisive remedial actions to be taken.

“I commend the Nigerian Navy on the steps taken so far and I urge the Navy to sustain the momentum.”

Inaugurating the new Naval Training Command headquarters, Gov. Siminalayi Fubara of Rivers state urged the Nigerian Navy to ensure that its investment in the professional development of naval personnel translated into visible advancement in the security and prosperity of the nation’s maritime interests and blue economy.

He said that the state government had donated the facility to the Nigeria Navy to coordinate all naval training colleges across the country.

“The new training command centre is evidence of the navy leadership’s dedication to enhancing the professional development of naval personnel.

“The facility will be used to cultivate a highly skilled, proficient and motivated naval force capable of advancing the security and prosperity of the nation’s maritime interests.

“The new training command headquarters demonstrates the initiative being undertaken by President Bola Tinubu to strengthen the navy’s combat capabilities to deal with security threats,” he said.

Fubara said that Rivers was facing threats from sea pirates, kidnappers, pipeline vandals, and oil thieves, which negatively impacted on both the state and national economy.

He said that his administration would continue to support the military and other security agencies in securing the state against criminal elements.

The governor announced a donation of N350 million to the navy to support the operationalisation of the training command.

In his remark, the Chief of Naval Staff, Vice Adm. Emmanuel Ogalla said he was optimistic that relocating the adquarters to state would enhance the navy’s operational capabilities.

According to him, the relocation is part of the navy’s 2030 strategic plan to expand its training facilities nationwide.

“The new complex will offer naval personnel an enabling environment to expand their knowledge in fulfilling the navy’s mandate.

“It will assist in providing an enabling environment for learning for the navy to carry out its statutory duty of enhancing maritime security across the country.

“The navy will continue to conduct operations to safeguard our maritime domain in-line with the president’s directive to leverage the enormous economic potential in the nation’s water for economic prosperity,” he said.

Ogalla commended Fubara for donating the facility and offering logistics support for establishing the naval training command headquarters.

On his part, the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, thanked the Rivers State Government for the donation of the entire complex to demonstrate the existing cordial relationship between the Nigerian Navy and Rivers State.

Ogalla said the relocation of the Headquarters Naval Training Command from Lagos to Ebubu-Eleme in Rivers State will bolster the human capacity development of personnel of the Nigerian Navy.


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