BY DANIEL DAFE
Senator Ned Nwoko, representing Delta North Senatorial District, has raised concerns over Nigeria’s massive revenue losses due to oil theft, illegal bunkering, and pipeline vandalism.
As Africa’s largest oil producer, Nigeria loses billions of dollars annually to these illegal activities, which weaken the economy, disrupt the energy sector, and hinder funding for infrastructure, social services, and development programs.
In a post on X, following his appointment as Chairman of the Senate Ad-Hoc Committee on Crude Oil Theft, Senator Nwoko emphasized the importance of protecting crude oil.
“Crude oil remains Nigeria’s most valuable natural resource, and protecting it is essential for economic stability, national security, and the well-being of all Nigerians.”
He reaffirmed his commitment to tackling oil theft, restoring investor confidence, and ensuring that Nigeria fully benefits from its natural wealth.
Describing his new role as a “pressing national assignment” aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda, he highlighted how crude oil theft has long been a major threat to Nigeria’s economy, draining government revenue, discouraging investment, and undermining national security.
Under President Tinubu’s leadership, he stressed the need for transparency, accountability, and economic growth in the oil sector.
“I look forward to working with my distinguished colleagues, security agencies, and industry stakeholders to address this challenge decisively,” he stated.
The Senate Ad-Hoc Committee on Crude Oil Theft is tasked with investigating the root causes of oil theft, identifying key actors and networks involved, reviewing existing security measures, and recommending stronger enforcement strategies.
Additionally, the committee will collaborate with security agencies, oil companies, host communities, and government bodies to develop sustainable solutions and strengthen legal frameworks to deter oil theft and hold perpetrators accountable.
Daniel Dafe is the Publisher of Oasis Magazine.
