Nigeria Loses N1.29 Trillion Annually to Crude Oil Theft, Says Speaker

• House Speaker Tajudeen reveals Nigeria loses N1.29 trillion yearly due to crude oil theft and pipeline vandalism
• Tajudeen emphasizes the urgent need for the Nigerian Navy to combat threats effectively and commends its efforts in addressing the issue

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has revealed that Nigeria suffers a staggering loss of N1.29 trillion yearly due to crude oil theft, pipeline vandalism, and other criminal activities.

Speaking through the Chairman of the House of Representatives Committee on Defence, Hon. Babajimi Benson, at the commissioning of the Nigerian Navy Training Command in Eleme, Rivers State, Hon. Tajudeen highlighted the alarming reality of losing approximately 300,000 barrels of crude oil daily to theft.

He emphasized the urgent need for the Nigerian Navy to fulfil its mandate of safeguarding the nation’s economy by effectively combatting these threats.

Tajudeen commended the Nigerian Navy’s efforts thus far and urged them to address the issue proactively.

In response, Vice Admiral Emmanuel Ogalla, the Chief of Naval Staff, expressed gratitude to the Rivers State Government for their support, highlighting the significance of the Naval Training Command’s Relocation in enhancing human capacity development and national security.

He reiterated the Nigerian Navy’s commitment to securing the nation’s maritime domain and the Niger Delta region.

Governor Siminalayi Fubara of Rivers State emphasized the importance of translating investments in naval personnel’s professional development into tangible advancements in maritime security and the nation’s blue economy.

He hailed the completion of the training command as a testament to President Bola Tinubu’s efforts in strengthening the Nigerian Navy’s combat capabilities.

Fubara noted that the event marked the culmination of a development journey initiated in April 2023 when his predecessor graciously allocated facilities to the Nigerian Navy.

The commissioning of the training command represents a significant milestone in Nigeria’s quest to enhance maritime security and economic prosperity.