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Speaker Reveals Annual Loss of ₦1.29tn to Oil Theft

Tajudeen Abbas 1 Speaker Reveals Annual Loss of ₦1.29tn to Oil Theft
Hon. Abbas Tajudeen – Speaker, House of Representative

In a sobering revelation, the Speaker of the House of Representatives, Hon. Abbas Tajudeen, voiced deep concern over Nigeria’s daily loss of an estimated 300,000 barrels of crude oil to theft, pipeline vandalism, and other criminal activities. He emphasized that this persistent menace results in staggering revenue deficits, totaling an estimated 1.29 trillion annually.

Addressing attendees at the inauguration of the New Headquarters Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State, Tajudeen urged the Nigerian Navy to step up and fulfill its crucial role in safeguarding the nation’s economy. The event, presided over by Governor Siminalayi Fubara on Friday, saw Tajudeen represented by Babajimi Benson, Chairman of the House of Representatives Committee on Defence.

He particularly urged the Nigerian Navy to defend and protect the sovereignty of Nigeria’s territorial waters against all forms of threats.

Tajudeen said, “Unfortunately, it is estimated that Nigeria loses over 300,000 barrels of crude oil daily to oil theft, pipeline vandalism, and other forms of criminality. This has led to revenue losses estimated at 1.29 trillion annually.

“Therefore, concerned about the adverse effects of oil theft in Nigeria, I inaugurated a special committee on Crude Oil Theft Losses on November 22, 2023, to determine decisive remedial actions to be taken.

“I commend the Nigerian Navy on the steps taken so far and I urge the Navy to sustain the momentum.”

Inaugurating the New Headquarters Naval Training Command, Fubara urged the Nigerian Navy to ensure that its investment in the professional development of naval personnel translated into visible advancement in the security and prosperity of the nation’s maritime interests and blue economy.

GMGmpKHXcAAT 29?format=jpg&name=medium Speaker Reveals Annual Loss of ₦1.29tn to Oil Theft
Gov Sim Fubara at The Nigerian Navy Training Command in Ebubu Eleme

The governor noted that the event completed a development journey that started in April 2023, when his predecessor, Nyesom Wike, graciously ceded the dilapidated structures of the abandoned former Ambassador Nne Krukrubo Model Government Secondary School to the Nigerian Navy for use.

Fubara said, “Today, we have seen the results of that noble and progressive decision with the comprehensive transformation and upgrading of the facilities as the Nigerian Navy’s new headquarters training command, which was hitherto domiciled in Lagos State.

“This magnificent training command stands as a testament to the commitment of the leadership of the Nigerian Navy to invest in the professional development of our naval personnel with the singular objective of cultivating a highly skilled, proficient, and motivated naval force capable of advancing the security and prosperity of the nation’s maritime interests.”

GMGmpJ Speaker Reveals Annual Loss of ₦1.29tn to Oil Theft

He emphasized that the training command was now remarkable evidence of the great strides made by President Bola Tinubu in strengthening the combat capabilities of the Nigerian Navy to deal with the expanded spectrum of maritime security threats that we face as a nation.

The governor emphasized that Rivers State, being a coastal region abundant in natural resources, faces grave maritime security challenges including piracy, kidnapping, and pipeline vandalism. These threats not only jeopardize the state’s economy but also have far-reaching consequences for the national economy if left unchecked.

“This is why we will continue to provide tangible support and work together with the Nigerian Navy and other security agencies to safeguard the freedom of navigation, combat criminality on our waterways, and ensure that the State is safe and secure for business and development to thrive and benefit our people and the nation.

“As you go on to put this training command into full service, my charge to you is to ensure that this sprawling facility is effectively maintained and utilized to expand your operations and activities for national security development.

“I further implore you to provide effective security and development support to the host communities, and live in peace and harmony with the civilian population in the local government area,” the governor added.

Fubara announced the donation of 350m to the Nigerian Navy to support the continuing infrastructure development and operationalisation of the training command in the State.

The governor said, “Let me thank all who have contributed to the realisation of this important project in this community as I reaffirm the special bond Rivers State has with the Nigerian Navy, and the shared commitment to advancing the peace, security, and well-being of our State, people, and the nation.”

On his part, the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, thanked the Rivers State Government for the donation of the entire complex to demonstrate the existing cordial relationship between the Nigerian Navy and Rivers State.

Ogalla said the relocation of the Headquarters Naval Training Command from Lagos to Ebubu-Eleme in Rivers State will bolster the human capacity development of personnel of the Nigerian Navy.

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