SEATTLE (Oil Monster): The Nigerian Senate has approved the interim report from its Ad-hoc Committee on Crude Oil Theft, revealing massive discrepancies exceeding $200 billion in unaccounted crude oil sales proceeds between 2015 and 2023.
According to the Senate report, domestic investigations uncovered unexplained crude sale differentials worth around $22 billion, while a further $81 billion shortfall was identified between figures reported by the Nigerian National Petroleum Company (NNPC) and the Central Bank of Nigeria (CBN) during 2016–2017.
RELATED NEWS:
Nigeria Crude Oil Production Shortfall Leads to Huge Loss in Revenue
Nigeria: Senate moves to address challenges in downstream oil sector
The committee further disclosed that forensic and international probes by independent consultants projected total unaccounted funds from crude oil transactions to surpass $200 billion.
The findings followed extensive document reviews and testimonies from regulators, oil majors, host communities, and the public. The Senate urged federal authorities to launch immediate recovery actions and recommended the creation of special courts dedicated to the swift prosecution of oil theft cases.
Beyond financial losses, the report warned of significant environmental hazards caused by crude and gas leaks from abandoned or poorly decommissioned wells in the Niger Delta, which continue to endanger local ecosystems and livelihoods.
It also noted a recent uptick in crude production, crediting improved security and surveillance measures across oil-producing regions for the positive trend.
