Over $1.5bn Spent Since 2020 To Tackle Oil Theft – SGF, Akume Says

George Akume, Secretary to the Government of the Federation (SGF), revealed that over $1.5 billion has been allocated to protecting oil infrastructure and addressing crude oil theft since 2020. Akume made this disclosure on Thursday during a public hearing held by the House of Representatives on crude oil theft and losses in Nigeria.

Akume highlighted the ongoing challenge of crude oil theft, emphasizing its detrimental impact on the national economy, security, and the trust of both local and international stakeholders. “Crude oil theft continues to undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders,” he stated.

The SGF referred to the 2020 oil and gas report by the Nigeria Extractive Industries Transparency Initiative (NEITI), which indicated that from 2009 to 2020, approximately 619 million barrels of crude oil valued at $46 billion were stolen.

To combat this issue effectively, Akume called for a strengthening of the legal framework to ensure that individuals involved in crude oil theft face severe legal consequences. “There is a need to strengthen the legal framework to ensure that those who engage in crude oil theft are made to face the full wrath of the law,” he urged.

The public hearing highlighted the critical need for comprehensive measures to protect Nigeria’s oil infrastructure and curtail the significant losses due to crude oil theft.