George Akume, secretary to the government of the federation (SGF), says over $1.5 billion has been spent on protecting oil infrastructure and addressing crude oil theft since 2020.
Akume spoke on Thursday during a public hearing of the house of representatives on crude oil theft and losses in Nigeria.
The SGF said crude oil theft has continued to “undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders.”
Akume said the 2020 oil and gas report released by the Nigeria Extractive Industries Transparency Initiative (NEITI) indicated that 619 million barrels of crude valued at $46 billion were stolen from 2009 to 2020.
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Citing that the government has invested considerable resources in combating this menace, he said, “Since 2020, expenditure aimed at addressing crude oil theft and securing our oil infrastructure has exceeded $1.5 billion.”
The SGF said that those funds have been allocated towards enhancing surveillance capabilities, securing pipelines, and increasing the presence of law enforcement agencies in critical oil-producing areas.
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