Reps Vow to Tackle $79.4 Million Daily Oil Theft in Nigeria
Written by Blessing Ajibuwa on July 15, 2025
The House of Representatives has reaffirmed its commitment to ending the persistent scourge of crude oil theft, which is costing Nigeria an estimated $79.4 million daily. Deputy Speaker Hon. Benjamin Okezie emphasized the need for enhanced legislative oversight, targeted laws, and support for regulatory agencies to address security challenges in the petroleum sector.
*Key Highlights:*
– *Combating Oil Theft*: The House of Representatives has vowed to tackle oil theft, which costs Nigeria $79.4 million daily.
– *Legislative Oversight*: Enhanced legislative oversight is necessary to address security challenges in the petroleum sector.
– *Regulatory Support*: Targeted laws and support for regulatory agencies are crucial in combating oil theft.
Impact of Oil Theft on Nigeria’s Economy
Oil theft has severe implications for Nigeria’s economy, depriving the government of much-needed revenue and undermining its ability to provide essential public services and infrastructure. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) generated ₦4.344 trillion in revenue in 2023, representing a 14.89% increase compared to 2022 figures.
*Positive Developments:*
– *Petroleum Industry Act (PIA)*: The PIA has fundamentally restructured Nigeria’s petroleum industry, delineating regulatory responsibilities and promoting investment.
– *Investment Commitments*: The country has witnessed an astonishing $16 billion in investment commitments, a staggering 28,991% increase from its pre-PIA baseline.
Way Forward
The way forward demands sustained legislative engagement through enhanced oversight, targeted laws to confront security challenges, and full backing for regulatory agencies. By building on the strong foundation laid by the PIA, Nigeria can achieve global leadership in petroleum production and deliver sustainable development for host communities and the wider economy.
