FEATURED
Ned Nwoko: Nigeria Losing Billions Of Dollars Annually To Oil Theft, Illegal Bunkering
BY DANIEL DAFE
Senator Ned Nwoko, representing Delta North Senatorial District, has said that Nigeria, as Africa’s largest oil producer, is losing billions of dollars annually due to oil theft, illegal bunkering, and pipeline vandalism.
He emphasized that these activities weaken the economy, disrupt the energy sector, and limit the country’s ability to fund vital infrastructure, social services, and development programs.
Senator Nwoko stated this via a post on X, following his appointment as the Chairman of the Senate Ad-Hoc Committee on Crude Oil Theft.
In his post, he highlighted the importance of crude oil to Nigeria’s economy, stating, “Crude oil remains Nigeria’s most valuable natural resource, and protecting it is essential for economic stability, national security, and the well-being of all Nigerians.”
He added however, “Our goal is to end this sabotage, restore investor confidence, and ensure that Nigeria fully benefits from its natural wealth.”
Describing his new role as a “pressing national assignment” in alignment with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’, Senator Nwoko stressed that crude oil theft has been a significant threat to Nigeria’s economy for years, draining government revenue, discouraging investment, and undermining national security.
He also noted that under President Tinubu’s leadership, the focus would be on transparency, accountability, and economic growth.
“I look forward to working with my distinguished colleagues, security agencies, and industry stakeholders to address this challenge decisively,” he said.
The Senate Ad-Hoc Committee on Crude Oil Theft is tasked with investigating the root causes of these illegal activities, identifying key actors and networks involved, reviewing existing security measures, and recommending stronger enforcement strategies.
The committee will also engage stakeholders, including security agencies, oil companies, host communities, and government bodies, to develop sustainable solutions and strengthen legal frameworks to deter oil theft and ensure perpetrators are held accountable.
Ohworode Of Olomu Confers Iyete Title On NUJ Warri Chairman Akpokona Omafuaire
Delta Puts $100m To Derisk Investors, Showcases Burutu Port, Glass Factory Projects
Nigeria Was The Only One Cut Out – FFK Blasts South Africa After Presenting Credentials To Ramaphosa
Tinubu Condemns Political Violence, Orders Security Agencies to Arrest Perpetrators
US Family Makes Guinness Record As Five Generations Share Same Birthday
Court Rejects Emefiele’s Objection, Admits Supreme Court Judgment
Solar Energy In Nigeria: From Luxury To Necessity As Imports Hit ₦242 Billion
US To Watch Nigeria’s January 16 Election Like A Hawk Over Violence Fears
Angry Nigerians Block INEC Chairman Amupitan’s Car Outside Chatham House In London [VIDEO]
Delta Paying Billions To Fix Federal Roads, Aniagwu Reveals
Okowa Gets Rousing Welcome in Aniocha South, Says Vote For APC Will Not Be Wasted
Tompolo’s Tantita Donates Operational Vehicles To Enerhen Divisional Police
South Africa’s Xenophobia Betrays Mandela’s Legacy , Says Tuggar
Why We Used Fake Gucci, Nike Labels To Sell More Shoes, Ogun Factory Suspects Tell Police
Ogorugba Hails Oborevwori As Iyede Monarch Ekperare I Gets Staff Of Office
