\n Additionally, it advised the creation of a Maritime Trust Fund to improve interagency intelligence operations, infrastructure, and maritime security.\n <\/p>\n
\n Senator Abdul Ningi, a senator from the Northern region of the country, lauded the findings in the report and gave his suggestions, noting that the house should focus on the \u201cdirect recovery of stolen funds exceeds the powers of the legislature.\u201d\n <\/p>\n
\n \u201cWe can track and trace, but recovery is beyond the powers of the Senate. The committee should specify losses, locations, and report back for referral to agencies such as the EFCC or ICPC,\u201d he said.\n <\/p>\n
Oil theft problem in Nigeria <\/p>\n
\n Oil theft has long plagued Nigeria’s economy.\n <\/p>\n
<\/p>\n
\n The country’s petroleum sector, which was once the backbone of government revenue and foreign exchange gains, is now repeatedly disrupted by pipeline tapping, illegal refineries, and multinational theft syndicates.\n <\/p>\n
\n The outcome is immeasurable income loss, poorer output, broad environmental damage, weakened energy security, and human tragedy, all of which limit economic growth and increase fiscal risk.\n <\/p>\n
\n Accurate assessment of stolen petroleum is challenging since criminal activity is hidden and data sources are diverse.\n <\/p>\n
\n However, several recent reports show that the magnitude remains large.\n <\/p>\n
\n Satellite and agency tracking revealed that at least 589 oil leaks occurred in Nigeria in 2024, most of which were caused by theft and sabotage, indicating the extent of illegal tapping and refining across the Niger Delta.\n <\/p>\n