Nigerian Lawmakers Express Concerns As Crude Oil Theft Increases Nation’s Debt

Lawmakers in Nigeria have expressed concerns over the incessant crude oil theft witnessed in the country as Nigeria’s debt reaches an all-time high of N42.84trn.

The Speaker, of the House of Representatives, Hon. Femi Gbajabiamila, while delivering his welcome remarks after the house resumed from a recess, stated that the continuous oil theft witnessed in the country has so far sabotaged Nigeria’s economy as there is a massive decline in the volume of crude oil exports.

He further stated that this act carried out by unscrupulous people is nothing but treason against the country, for which they must be severely dealt with.

He described those who carry out such dastardly acts as not being different from terrorists and insurgents.

In his words: “Due to theft and various acts of economic sabotage, we are experiencing a massive decline in the volume of crude oil exports.

“Our crude oil export of 972,394 BPD for August is the lowest we have recorded in the last two decades. 

“At a time when we are already experiencing severe financial constraints, there are mechanisms in place to prevent these sorts of bad actors, and the government spends significant amounts of money each year to protect oil and gas resources in the country. 

“Evidently, these existing arrangements do not suffice. As such, there is an urgent need to review them and make the necessary improvements. 

“It is also of particular importance that the perpetrators of these crimes against the state are identified, prosecuted, and subjected to the stiffest penalties the law allows. 

“Those who seek to impoverish our country in this manner have declared war against the Nigerian people. The government’s response must be sufficient to convince them of the error of their ways and deter others who might be tempted to join in their treason.   

“I met with the Finance Minister and the DG Budget and made it clear to them that enough of crude oil theft. Nigerians don’t want to hear that again. What do you intend to do about it? That’s the important question.” 

According to the managing director of the Nigerian National Petroleum Corp. (NNPC) Mele Kyari, he had disclosed that thieves from all levels in the country steal 200,000 barrels of crude oil per day.

It should be recalled that in 2021, Investors King reported that Nigeria lost $3.5 billion to crude oil theft.