According to George Akume, secretary to the government of the federation (SGF), since 2020, more than $1.5 billion has been invested in combating crude oil theft and safeguarding oil infrastructure.
Akume gave a speech on Thursday at the House of Representatives’ open hearing on losses and theft of crude oil in Nigeria.
“Undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders,” according to the SGF, is the ongoing result of crude oil theft.
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According to Akume, the Nigeria Extractive Industries Transparency Initiative (NEITI) 2020 oil and gas study revealed that 619 million barrels of crude valued at $46 billion were pilfered between 2009 and 2020.
The speaker stated, “Since 2020, expenditure aimed at addressing crude oil theft and securing our oil infrastructure has exceeded $1.5 billion,” citing the significant resources the government has committed to combating this threat.
According to the SGF, the money was set aside for improving surveillance capabilities, protecting pipelines, and stepping up law enforcement’s presence in vital oil-producing regions.
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