The ad hoc committee established by the Senate to investigate oil theft and the effects it has had on the country’s economy reported on Tuesday that Nigeria suffered a loss of $2 billion, or N1.3 trillion, as a result of oil theft between January and August of this year.
On April 14, 2022, Senator Akpan Bassey, who is also the chairman of the Senate Committee on Petroleum (Upstream), convened a 13-member Ad – Hoc Committee on Oil Lifting, Theft, and the Impact on Petroleum Production and Oil Revenues.
The committee’s report, which was approved by the Senate in plenary on Tuesday, contained extensive recommendations for halting the tide, but it did not name a single individual or business that was involved in the theft of oil.
“Nigeria lost over $2bn to oil theft between January and August 2022, with consequent loss of revenue that would support the country’s fiscal deficits and budget implementation,” the committee stated in one of its findings.

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