Abuja — House of Representatives Thursday resolved to set up an ad-hoc committee to ascertain the quantity of oil that is stolen on a daily basis and those responsible for such theft in the country.
The committee would also be mandated to determine the volume of oil extracted in the country on a daily basis, determine the quantity sold at the internal markets and what is consumed locally.
The decision followed the adoption of a motion on oil theft in Nigeria moved by Hon. Chukwuma Umeoji, representing Aguata Federal Constituency in Anambra State.
Umeoji had noted that Nigeria loses about N5 trillion yearly from oil theft, an amount which he said the government desperately needs to finance the budget.
About 22 million barrels of crude oil valued at about N1.3 trillion were stolen in the Niger Delta in 2019 alone, he alleged.
According to him, "Oil theft is not only an economic loss but also causes environmental damage due to breaches on oil pipelines and these incidents are on the upsurge."