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Oil Theft, Losses Will Fuel Crisis In Nigeria If Not Checked, Osinbajo, Ndiomu Warn

Published

2 years ago

February 21, 2023

Vice President Prof Yemi Osinbajo has said that oil theft and losses pose a serious threat to Nigeria’s economy and impact negatively on the revenue of the nation.

According to the Vice President, if left unchecked, these could fuel a public finance crisis that paralyses the government and makes the nation vulnerable.

Osinbajo spoke at the stakeholders conference of the Special Investigative Panel on Oil Theft and Losses in Nigeria on Tuesday at Transcorp Hilton Abuja

“Oil Theft and Losses is a threat to our economy and national security. They pose a serious threat to our oil economy and impact negatively on revenue of the nation and business prospects of investors in the oil and gas sector.” Osinbajo said.

“If left unchecked this could fuel a public finance crisis that could paralyse the government and make our nation vulnerable,” he added, saying that Oil contributes about 80% of government foreign exchange and contributes six percent of the country’s Gross Domestic Product, GDP.”

He said that large scale theft of crude has undermined the government’s efforts to maximise these resources.

“So the total value of oil lost between 2019 and 2020 is higher than Nigerian foreign reserves at any point in time and almost ten times Nigerian oil savings in the excess crude account. So it’s not an exaggeration at all to say that our oil and gas sector is facing the most serious threat for over half a century…” the VP said.

Speaking earlier, Chairman of the Special Investigative Panel on Oil Theft/Losses in Nigeria, Major General. Barry Ndiomu, rtd, said that the panel said there is no gainsaying the enormous impact the menace of oil theft has had on the nation’s crude oil production with Nigeria’s oil output hitting a 13-year low of 800,000barrels/day.

“The panel visited several sites across the Niger Delta such as the now infamous Yokiri Flow Station Area in Burutu Delta State where the illicit connection on the export line that fed off the TETL was discovered and saw other connecting points used for illegal refining,” he said.

READ ALSO: PAP: Group Gives Ndiomu Nod On Performance, Anti-oil Theft Panel

He said that there have been engagements with the Attorney General of the Federation and Minister of Justice, the Economic and Financial Crimes Commission EFCC, amongst others. which availed the panel information on the challenges the respective organizations faced in securing the nation’s oil assets and combating oil theft.

“These efforts provided us new knowledge and elicited honest discussions amongst panel members that led to some obvious conclusions. We surmised that the reported theft and loss of crude oil stemmed from the twin issues of complicity and negligence.

“The emergent picture suggests the existence of a sophisticated network of complicity between elements from the host communities, security agencies, and industry players- both government and private institutions alike- as well as international collaborators.”
DAILY POST

Related Topics:Barry Ndiomu Oil theft Yemi Osinbajo

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NiMet Forecasts Three-day Thunderstorms, Rain From Wednesday

Published

6 hours ago

June 11, 2025

Editor

The Nigerian Meteorological Agency has predicted thunderstorms and rain from Wednesday to Friday across the country.

NiMet’s weather outlook released on Tuesday in Abuja envisaged early morning thunderstorms on Wednesday over parts of Taraba,

Kaduna and Adamawa in the northern region.

It anticipated thunderstorms with rain over parts of Kebbi, Taraba, Zamfara, Katsina, Kaduna, Kano, Sokoto, Gombe and Bauchi states later in the day.

According to it, early morning thunderstorms are expected over parts of Benue, Kwara, Niger, the Federal Capital Territory and Nasarawa States in the North central region.

“Later in the day, thunderstorms with rains are anticipated over parts of the Federal Capital Territory, Niger, Nasarawa, Kwara, Kogi and Plateau states.

“In the southern region, a cloudy atmosphere is expected with chances of morning rain over parts of Ondo, Ekiti and Edo states.

“Later in the day, isolated thunderstorms with rain are anticipated over parts of Imo, Enugu, Abia, Ebonyi, Anambra, Ondo, Oyo, Ogun, Ekiti, Edo, Delta, Cross River, Akwa Ibom, Bayelsa and Rivers during the afternoon or evening hours,” it said

NiMet envisaged prospects of morning thunderstorms on Thursday over parts of Kaduna, Kebbi, Zamfara, Adamawa and Taraba in the northern region.

“Later in the day, thunderstorms with rain are anticipated over parts of Taraba, Adamawa, Kebbi, Kaduna, Zamfara, Kano, Gombe and Bauchi states.

“In the North-central region, patches of clouds with sunshine intervals are expected with prospects of early morning thunderstorms to affect parts of Niger, Nasarawa, Benue and the Federal Capital Territory.

“Later in the day, thunderstorms with rain are anticipated over parts of the Federal Capital Territory, Niger, Nasarawa, Kwara, Kogi, Benue and Plateau states,” it said.

According to NiMet, morning thunderstorms are expected over parts of Rivers, Bayelsa, Akwa Ibom and Cross River states in the southern region.

It envisaged isolated thunderstorms with rain over most parts of Imo, Enugu, Abia, Ebonyi, Anambra, Imo, Ondo, Oyo, Ogun, Ekiti, Edo, Lagos, Cross River, Akwa Ibom, Delta, Bayelsa and Rivers states later in the day.

“On Friday, prospects of morning thunderstorms are expected over parts of Jigawa, Gombe, Bauchi, Adamawa and Taraba in the northern region.

“Later in the day, thunderstorms with rains are anticipated over parts of Taraba, Adamawa, Kano, Kaduna and Bauchi states.

“In the North-central region, patches of clouds with sunshine intervals are expected with prospects of thunderstorms with rain over parts of the Federal Capital Territory, Nasarawa, Kwara and Niger,” it said.

NiMet forecast thunderstorms over parts of Kwara, Benue and Kogi in the afternoon or evening hours.

According to it, cloudy atmosphere is expected in the southern region with chances of morning rain over parts of Oyo, Enugu, Imo, Ebonyi, Akwa Ibom and Cross River.

It predicted isolated thunderstorms with rain over most parts of the region later in the day.

“Strong winds may precede the rains in areas where thunderstorms are likely to occur. The public should take adequate precautions and ensure that loose objects are fastened to avoid collision.

“Driving under heavy rain should be avoided. Disconnect electrical appliances from electrical sockets.

“Stay away from tall trees to avoid impact from falling branches and broken trees.

“Airline operators are advised to get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations.

“Residents are advised to stay informed through weather updates from NiMet. Visit our website www.nimet.gov.ng,” it said.

NAN

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Democracy Day: Gov. Mohammed Advocates Unity, Good Governance

Published

6 hours ago

June 11, 2025

Editor

As Nigeria is set to celebrate 26 years of uninterrupted democratic dispensation on Thursday, Gov. Bala Mohammed of Bauchi state has called on all citizens to remain steadfast in promoting unity, peace, and good governance.

This is contained in his felicitation message made available by Mr Mukhtar Gidado, the Special Assistant to the governor on Media and Publicity to the people of the state and Nigerians at large in marking the 2025 democracy Day celebration.

According to him, the governor acknowledged the sacrifices of heroes past and the collective determination of the Nigerian people to uphold the tenets of freedom, justice, and accountable leadership.

“The governor said, Democracy Day serves as a solemn reminder of the nation’s collective journey toward democratic governance, civil liberties, and the rule of law.

“According to him, the day also honours the sacrifices of those who stood firm in the face of oppression and paid the ultimate price in the struggle for democratic freedom .

“He salutes the resilience and unwavering spirit of the Nigerian people, whose commitment continues to sustain the ideals of democracy.

“He also acknowledges the contributions of past and present leaders, civil society actors, and ordinary citizens who have played a pivotal role in deepening the democratic culture in our country,”said Gidado.

He said that Mohammed noted that Democracy Day also honoured the sacrifices of those who stood firm in the face of oppression and paid the ultimate price in the struggle for democratic freedom.

“While observing that the day was not just about elections, the governor said it’s about delivering tangible dividends that uplift the lives of the people.

“He reaffirms his administration’s commitment to transparency, inclusive development, and the protection of the rights of every resident of the state.

“Governor Mohammed further calls on the people of Bauchi State to use the occasion of Democracy Day to reflect on the progress made so far and to renew their commitment to building a more just, equitable and prosperous society for all,”Gidado said.

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Edo Deputy Governor, Idahosa Preaches Unity As Honour For Martyrs Of June 12

Published

7 hours ago

June 11, 2025

Editor

The deputy governor of Edo State, Hon. Dennis Idahosa, has said that Nigerians must continue to fight for a united and indivisible nation as a mark of honour for those who fought for the country’s democracy.

In a statement by the Chief Press Secretary to the deputy governor, Mr Friday Aghedo, the former federal lawmaker, noted that despite the challenges confronting Nigeria, “there is no alternative to democratic governance.”

“Today, we celebrate not just a date, but a journey; our collective commitment to freedom, justice, and the right of every Nigerian to have a voice.

“June 12th reminds us of the resilience of our people, the sacrifices made for democratic rule, and the unyielding hope we hold for a better and united Nigeria.

“As we mark this important day, let us honor the memory of those who stood for truth, uphold the values of transparency and accountability, and continue to build a nation where every citizen can thrive,” he stated.

Idahosa said that the Governor Monday Okpebholo leadership underscores the power of democracy to bring about meaningful change.

He said that the administration remained committed to transformative governance with it’s SHINE mantra.

This was just as the deputy governor noted that the people’s collaborative efforts were needed to foster a more effective and responsive democracy.

According to him, “As we commemorate this day, let us renew our commitment to supporting leaders who prioritize the welfare of the people.

“Democracy is not a destination, it is a continuous process. Together, let’s build Edo of our dreams.”