FG SPENT $1.5BILLION TO PROTECT OIL INSTALLATIONS IN FOUR YEARS – SGF

July 25, 2024July 25, 2024

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From 2020 to the present, the federal government has invested more than $1.5 billion to safeguard the country’s oil installations and prevent the theft of crude oil.

This was revealed on Thursday during a House of Representatives public hearing on crude oil theft by the Secretary of the Government of the Federation (SGF), George Akume.

Maurice Nandi, the Permanent Secretary of General Services, was Akume’s representative.

According to the SGF, the Nigerian Extractive Industries Transparency Initiative (NEITI) study, which revealed that approximately $46 billion worth of stolen crude was sold between 2009 and 2020, caused concern for the Federal Government.

The House had set up a special committee headed by the Chairman, House Committee on Petroleum Upstream, Ado Doguwa, to investigate the losses in the oil and gas sector.

Also, Speaker of the House Tajudeen Abbas, represented by Deputy Speaker Benjamin Kalu, said $10 billion has been lost in seven months to crude oil theft, and no magic can be done by the government with such a loss.