Nigeria loses N433.62b annually to oil theft – Navy

The Nigerian Navy on Tuesday claimed that the nation is losing about 100,000 barrels of crude oil estimated at N1.18 billion daily to oil thieves.
It said this amounts to N433.62 billion annually.
The position of the Nigerian Navy however contradicts that of the Ministry of Finance, which put the figure of crude oil theft at 400,000 barrels per day.
The Chief of Naval Staff, Rear Admiral Usman Jibrin, who revealed this when he appeared before the Senate Committee on Navy.
Jibrin complained that the Nigerian Navy’s capital projects are not properly funded by the government.
According to him, the military institution submitted N205.4 billion as capital budget for 2015 but the Ministry of Finance reduced it to N8 billion, which is 90 per cent reduction of its original budget proposal.
In his words: “The proposed capital projects for 2015 (captured in the initial N205.4 billion) include the ongoing acquisition of two OPVs, acquisition of patrol crafts and helicopters, procurement of arms and development of vital support infrastructure.
“The equipment are needed to improve naval operations and the welfare of personnel.”
Jibrin, however informed the committee that despite the substantial reduction in the Navy appropriation in 2014, it was able to arrest 84 vessels and 155 suspected oil thieves.
He also added that his officers and men destroyed 120 illegal oil refineries, 29 barges, 93 boats and 1, 259 auxiliary equipment and tools used by the oil thieves.