Nigeria Loses $2 billion to Oil Theft

The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy said Nigeria lost $2 billion, to oil theft between January and August 2022.

The Senate constituted a 13- member Ad-Hoc Committee on Oil Lifting, Theft, and the impact on Petroleum Production and Oil Revenues.

The committee’s report adopted by the Senate in plenary made far-reaching recommendations for stemming the tide but failed to name a single person or corporate entity carrying out the oil theft.