Abbas Tajudeen, Speaker of the House of Representatives, has revealed that Nigeria is facing a staggering loss of N1.29 trillion due to oil theft and pipeline vandalism in the Niger Delta region.
Tajudeen made this revelation on Friday during the inauguration of the New Headquarters of the Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State.
Represented by Babajimi Benson, Chairman of the House of Representatives Committee on Defence, the Speaker highlighted that the nation is witnessing an estimated daily loss of 300,000 barrels of crude oil to theft.
He emphasized that this situation has presented a significant challenge for the Nigerian Navy, urging them to fulfill their mandate in safeguarding the national economy.
Furthermore, the Speaker noted that the House of Representatives had established a committee last year dedicated to addressing the issue of crude oil theft losses in Nigeria.
“Unfortunately, Nigeria is estimated to lose 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,” he said.
Recall that the Organization of Petroleum Exporting Countries said that Nigeria lost its place as the largest oil producer in Africa to Libya.
