The National Economic Council rose from its 52nd meeting on Thursday approving N15 billion to protect oil installations in the Niger Delta annually.
The NEC comprises of the 36 state governors, the Ministers of Finance, Justice, National Planning, the Federal Capital Territory and the governors of the Central Bank of Nigeria and chaired statutorily by Vice President Namadi Sambo.
The approval was granted, having considered the report of the Governor Emmnauel Uduaghan-led committee on the criminal incidence of crude oil theft in the Niger Delta Region.
According to Governor Peter Obi of Anambra State, who briefed correspondents alongside his Gombe State counterpart, Ibrahim Dakwambo and Deputy Governor of Bayelsa, John Jonah, the fund will be sourced through direct deduction from the three levels of government.
The governors expressed delight that the incidences of vandalisation of pipelines had reduced drastically, thus stabilizing oil production at 2.4 million barrels per day, as against the previous 1.7 million.
Obi said: “Now the oil production as at today is 2.4 million barrels per day but there was a time it went as low as 1.7 million barrels per day.
“Most of the oil is not stolen.
“When you vandalize the lines, they cannot produce.
“When the lines are broken, if you try to pump, you pump into the sea.
“Oil companies will not produce under that condition.
“So that oil is called deferred oil.
“It is there, not stolen, but you cannot produce.
“Once you cannot produce, you cannot sell it.
“But a lot of repairs have been made and we are making sure that the level we are is sustained.
“That is why the facilities that is needed have been approved.
“We are going spend about N15 billion over the year and that is what we lose in just few days.”
Also speaking, Jonah stressed the need for the three tiers of government to assist security agencies through special fund to protect oil installations.
He said: “So, what we are trying to do is to ensure that we buy the necessary equipment for them to perform their duty in the areas that we have identified gaps.
“We also want to make sure that more personnel are available.
“The terrain is a very difficult one, swamp terrain is a very difficult one.
“In one of the lines between Nembe and Brass, we are told that there are about 150 bunkering points and those have been vandalized by crude oil thieves and we are in the process of repairing those one.
“It is the process of equipping them and giving them additional incentive to work that this money is being voted for.
“It is not just soldiers, navy, air force, there are policemen, civil defence and even the Economic and Financial Crimes Commission.”
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