Finally, almost seven years and five months in office, the National Security Adviser (NSA), Major General Babagana Monguno (rtd), on Tuesday inaugurated an 11-man Special Investigative Panel to probe oil theft in Nigeria’s Niger Delta region.
The panel comprise of retired top military brass and Police officers as well as some administrators with the Interim Administrator, Presidential Amnesty Programme, Major General Barry Ndiomu (rtd) as its chairman and Mr David Attah as Secretary.
Inaugurating the panel in Abuja, Monguno said that Nigeria was facing a monumental loss of revenue that ought to have accrued from the sale of crude oil.
He noted that pipeline vandalism and theft of crude oil had led to a significant decline in production.
According to him, “Some sources put the figure of daily crude oil losses at 800,000 bpd. This translates to a loss of income of about $64 million daily at the rate of $80 per barrel. Consequently, it is projected that if this trend continues unchecked and these figures keep fluctuating, it will result in a revenue shortfall of approximately $23bn in 2023.
”This translates to a loss of about N10 trillion when calculated at N445 to $1 exchange rate. This menace assumed a more worrisome dimension with recent discovery of illegal pipeline connection through which Trans Escravos pipeline was siphoned for several years.”
Monguno further said that recent interventions by the security agencies had revealed massive illicit platforms of stealing ranging from marine evacuations via vessels, and load-outs from illegal operations platforms.
The panel, according to the NSA, is expected to commence its assignment with immediate effect and to conclude as well as submit its report on or before 21st February, 2023.
The Terms of Reference (ToRs), according to NSA, are to ascertain the circumstances surrounding the illegal insertion into the Trans-Escravos Pipeline (TEP) around Yokri area in Burutu Local Government Area of Delta State
On his part, the Permanent Secretary, Special Services, Office of the Secretary to the Government of the Federation, Aliyu Yerro, said the menace of crude oil theft had greatly impacted the nation’s revenue growth.