Nigeria may have lost over $300 billion in unaccounted crude oil proceeds over several years, according to startling revelations presented to the Senate by Senator Ned Nwoko, Chairman of the Senate Ad Hoc Committee on Crude Oil Theft and Sabotage.
Presenting the committee’s interim report on Wednesday, Senator Nwoko described the findings as “one of the most troubling cases of economic sabotage our nation has ever faced,” warning that the scale of losses threatens the country’s economic stability and development.
“Our investigation has so far uncovered massive revenue losses amounting to over $300 billion in unaccounted crude oil proceeds over the years,” Nwoko told lawmakers. “Nigeria cannot afford to continue losing trillions to corruption, inefficiency, and criminal networks.”
The report, which follows months of investigations into crude oil theft, diversion, and underreporting, outlines several recommendations aimed at plugging leakages and reforming the sector.
Among the proposals are the strict enforcement of international crude oil measurement standards at all production and export points and the deployment of modern, tamper-proof metering technologies by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The committee also suggested that if the NUPRC fails to meet this responsibility, the function should revert to the Department of Weights and Measures under the Ministry of Industry, Trade, and Investment.
In addition, the committee called for the use of advanced surveillance technologies, including drones, to support security agencies in combating oil theft, and the establishment of a Special Court for Crude Oil Theft to ensure swift prosecution of offenders and their collaborators.
The report further recommended the full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to empower oil-producing communities and reduce acts of sabotage. It also advised that abandoned oil wells be transferred to the NUPRC for allocation to modular refineries, in order to boost local refining capacity and create jobs.
Senator Nwoko disclosed that forensic audits across different review periods revealed missing crude oil proceeds amounting to $22 billion, $81 billion, and $200 billion, respectively. He said the committee is seeking an expanded mandate to trace, track, and recover stolen oil revenues, both within and outside the country.
“This is a national call to action,” Nwoko emphasized. “We must recover what has been lost and ensure accountability and transparency in Nigeria’s oil and gas sector.”
The Senate is expected to deliberate on the committee’s findings and recommendations in the coming weeks. The revelations have reignited public debate over corruption, inefficiency, and the persistent challenges undermining Nigeria’s oil revenue, a sector that accounts for more than half of government income and the bulk of foreign exchange earnings.
