The Federal Government has disclosed that it has spent a staggering $1.5 billion since 2020 to safeguard the nation’s oil installations and combat crude oil theft.
This revelation was made by the Secretary of the Government of the Federation (SGF), George Akume, represented by Permanent Secretary, General Services, Maurice Nandi, at a public hearing of the House of Representatives on crude oil theft, on Thursday.
Akume cited the alarming report from the Nigerian Extractive Industries Transparency Initiative (NEITI), which estimated that over $46 billion worth of crude oil was stolen between 2009 and 2020.