83 oil tankers involved in various crude oil and product theft have been arrested, an official said.
Oil theft and vandalisation of petroleum assets are a threat to the nation's economy and security, Nigeria Vice President, Yemi Osinbajo, has said.
Mr Osinbajo disclosed this at the stakeholder's conference of the special investigative panel on oil theft and losses in Nigeria, held in Abuja, on Tuesday.
"Oil theft and sabotage of oil and gas assets are a clear and present danger to our economy and national security.
"Not only do they pose a serious threat to all exploration and our energy economy, but they also impact negatively on what is accrued to the federation and the business prospects on investors in the oil and gas sector," Mr Osinbajo said.
In recent years, Nigeria has recorded an increase in the rate of oil theft in its oil-rich Niger Delta region.
In April 2022, the Group Managing Director of the NNPC Limited, Mele Kyari, disclosed that Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day in 2021. Last September, the NNPC said that the country lost 470,000 barrels of crude oil monthly amounting to $700 million to oil theft.
The federal government in its draft fiscal strategy paper for 2023 through 2025 said that oil revenue underperformed due to significant production shortfalls such as shut-ins resulting from pipeline vandalism and crude oil theft.
On Tuesday, Mr Osinbajo said if left unchecked, the menace will fuel crises that will paralyse the government and leave the country extremely vulnerable to shocks and other unexpected consequences.
He explained that large-scale theft of crude oil undermines government efforts to optimise its intended vision.
"Nigerian Extractive Industry Transparency Initiative (NEITI) put the audited figure of oil theft and losses at something in the order of 619.7 million barrels of crude oil daily. This is valued at $46 billion or N16.25 trillion, and all of these losses occurred between 2010 and 2020.
"In addition, Nigeria lost about 4.2 billion litres of petroleum products from refineries, which were valued at over $1.4 billion at the rate of 140,000 barrels per day from 2009 to 2018.
"This is just an average because there are peaks where we see losses between 200,000 to 400,000 barrels in a day," the Vice President said.
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"So grievous a crime cannot simply be a subject of summary; people must do their jobs and if they are unable to do them, then there must be an accounting for such failures.
"Institutional and personal reputations are at stake. I think that is the cardinal reason we are here. I employ us to exhaust decisions on this matter," he added.
He noted that once host communities, especially the individuals who are involved in oil theft, are sensitised on the importance of ensuring that legislation works to their benefit, the situation may improve.
On his part, the National Security Adviser (NSA), Babagana Monguno, noted that the problem of oil theft has developed to disturbing levels.
"This is because the criminals have now increased the level of sophistication, considering the various methods they employ to tap primary pipelines with illegal secondary pipes to load on barges and sell to international collaborators or to process locally for illicit domestic sale," he said.
"83 oil tankers involved in various crude oil and product theft have been arrested, while the theft of over 3 million barrels of crude oil was prevented and 11 million litres of petrol and diesel were recovered."
