New findings from the Senate ad hoc committee investigating crude oil theft in the Niger Delta have sparked widespread concern, revealing that approximately ₦300 billion in domestic crude revenue and over $200 billion from international crude sales remain unaccounted for.
The interim report, submitted to the Senate after months of forensic reviews, written submissions, and public hearings, highlights massive discrepancies, weak oversight, and systemic lapses that have allegedly facilitated large-scale diversion of Nigeria’s oil revenue over the years.
According to the report, a forensic examination of domestic crude proceeds and tax oil records uncovered sale differentials, mismatches, and unaccounted funds amounting to about $22 billion. Additionally, the committee identified an $81 billion shortfall between crude receipts declared by the Nigerian National Petroleum Company Limited (NNPCL) and those recorded by the Central Bank of Nigeria (CBN) for 2016 and 2017.
The panel also projected that over $200 billion from crude oil sales between 2015 and the present remains unaccounted for globally, based on data from international consultants and the committee’s investigations.
The report attributes these losses to faulty measurement systems, weak regulatory oversight, and poor coordination among government agencies in the oil value chain. Key issues identified include the use of unverified measuring instruments, lack of metrological control, ineffective interagency collaboration, and uncoordinated enforcement mechanisms — all of which have enabled crude oil theft and revenue leakages.
Specifically, the committee criticized the suspension of the Weights and Measures Department’s activities in the upstream sector under the Petroleum Industry Act (PIA) 2021, stating that the decision undermined accountability and accurate measurement in crude operations.
The panel emphasized that precise measurement at production sites and export terminals is essential for tracking crude volumes and ensuring that all proceeds are properly accounted for.