Senate decries $300 billion crude oil losses in N’Delta in 10 years

Nigeria may have lost over $300 billion in crude oil proceeds to theft, leakages, and systemic corruption over the years, according to an interim report of the Senate ad hoc committee investigating oil theft in the Niger Delta.

The report, presented yesterday by Ned Nwoko (Delta North), laid bare deep-rooted lapses in the management of the nation’s oil and gas sector—including weak enforcement, poor measurement standards, and unaccounted exports that have drained public revenue on an unprecedented scale.

“The findings so far exposed systemic irregularities and inefficiencies that have robbed the country of enormous wealth,” Nwoko told lawmakers while presenting the 40-page report.

The committee’s preliminary assessment pointed to cumulative losses exceeding $300 billion, citing consultant data that identified crude revenue shortfalls of $81 billion between 2016 and 2017, and over $200 billion in unremitted or untracked oil proceeds since 2015.

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