The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy says Nigeria lost $2 billion, equivalent to N1.3trillion, to oil theft between January and August this year.
The committee’s report adopted by the Senate in plenary on Tuesday made far-reaching recommendations for stemming the tide but failed to name a single person or corporate entity carrying out the oil theft.
The report indicated concerted efforts being made against the crime by all stakeholders, saying that they had started yielding results, with Forcados Terminal producing 500,000 barrels per day now as against zero production in the first six months of the year.
