The Nigerian Senate has directed five of its committees to commence an investigation into oil theft and its impact on petroleum production and oil revenues in the country.
The committees which were given the mandate on the floor at Tuesday’s plenary include Petroleum Upstream, Downstream, Gas, Niger Delta and that in charge of Host Communities. The resolution was reached after a debate on a motion sponsored by Senator Ned Nwoko and two others.
In his lead debate, Senator Nwoko noted that in March 2023, Nigeria lost over 65.7 million barrels of crude oil, valued at $83 per barrel, translating to a revenue loss of N2.3 trillion as a result of oil theft.
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