CRUDE OIL THEFT: Nigeria loses an estimated $20.4B annually, says Gbajabiamila

Speaker of the House of Representatives, Femi Gbajabiamila, on Tuesday disclosed that crude oil theft in Nigeria is estimated at about four hundred thousand barrels per day, which is equal to an estimated revenue loss of about one billion, seven hundred million dollars a month and twenty billion, four hundred million dollars annually.Gbajabiamila made the disclosure in Abuja while declaring an investigative hearing organised by the House of Representatives Ad Hoc Committee on Crude Oil Theft in Nigeria open.Represented by the House leader, Alhassan Doguwa, the speaker stated that while similar investigations on the matter have been carried out, crude oil theft in Nigeria still persists.Earlier, the chairman of the ad hoc committee, Mr Peter Akpatason (APC, Edo) stated that the ad hoc committee is to, among others, determine the value of crude oil extracted in the country on daily basis, ascertain the quality of crude oil stolen daily in the country and people responsible for such theft.

On his part, commander of Joint Task Force, Operation Delta Safe, Rear Admiral Akinjide Akinrinade, noted that efforts are being made to curtail crude oil theft in the country.