Senators demand urgent action as panel reports ‘over $300bn’ crude oil revenue unaccounted

The Senate on Wednesday demanded decisive government action after an ad hoc committee investigating crude oil theft in the Niger Delta revealed that Nigeria may have lost more than $300 billion to unaccounted crude oil revenue over the years.

Presenting the committee’s interim report, Ned Nwoko, senator representing Delta North and chairman of the panel, said the scale of revenue leakage uncovered so far was “massive” and required immediate intervention from both the executive and regulatory agencies.

According to Nwoko, the committee recommended the strict enforcement of internationally recognised crude oil measurement standards at all production points and export terminals to close gaps in metering and accountability.

He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should urgently adopt modern metering technology across oil facilities—or cede the responsibility to the weights and measures department in the ministry of industry, trade and investment.

To combat widespread oil theft, Nwoko called for the deployment of advanced surveillance systems, including drones, and the establishment of a maritime trust fund to improve security and enforcement.

He also recommended the creation of a dedicated special court to swiftly prosecute oil thieves and their collaborators, alongside immediate activation of the host communities development trust fund under the Petroleum Industry Act to curb sabotage.

The committee further proposed that abandoned and decommissioned oil wells be transferred to modular refineries to boost local refining capacity and limit illegal tapping of crude.

Nwoko said the panel should also be empowered to track and trace the proceeds of stolen crude both within and outside Nigeria, noting that consultant findings indicated that $22 billion, $81 billion, and $200 billion in different periods remain unaccounted.

However, some senators stressed the need for clearer accountability and direct identification of culprits.

Abdul Ningi (Bauchi Central) argued that while the committee can identify losses, it must be given clear authority if recoveries are expected. Solomon Adeola (Ogun West) insisted that the consultant must present the names of companies and individuals implicated, saying, “If we put together the sums mentioned, we are talking about $300 billion. We need to know who is responsible.”

Ibrahim Dankwambo (Gombe North) said the final report must specify the wells, rigs, and locations linked to the losses, while Enyinnaya Abaribe (Abia South) described the submission as an interim step pending further evidence.

Lola Ashiru (Kwara South) noted that the estimated losses amount to “almost 10 years of Nigeria’s national budget,” urging the committee not to relent.

Senate President Godswill Akpabio commended the panel’s work and directed it to continue its investigation and submit a comprehensive final report for legislative action.

“Once the final report is in, we will take the necessary steps,” Akpabio said.