The Nigerian Navy said on Tuesday that the country loses N1.18 billion daily to oil theft.
This is coming just as the Navy said the sum of N4,065,182,763.00 should be released to it, as a balance of its 2014 Capital Appropriation, to enable it execute its budget fully.
Speaking at the budget defence, the Chief of Naval Staff, Rear Admiral Usman Jibrin, said that the N4, 065,182,763.00 figure translated to N433.62 billion annually.
Jibrin, who was represented by the Chief of Logistics, Rear Admiral Peter Akomaye Agba, said the loss of N1.18 billion daily to oil theft is due to poor law enforcement.
”The Nigerian Navy is constitutionally tasked with the protection of our maritime assets and, recently, the Chatham House revealed that Nigerian crude oil is being stolen on an industrial scale. It is conservatively estimated that about 100,000 barrels per day (bpd), valued at N1.18 billion is stolen daily due to poor law enforcement presence, which translated to N433.62 billion annually.
”This figure does not include those suspected (to have) stolen from the export pipelines, cost of oil spillage clean up, loss of income to the fishing communities and environmental degradation,” he said.
Jibrin observed that the Nigerian Navy would have gone a long way in curbing the menace, as well as make the operations of the international oil companies more profitable, were it that 20 percent of the loss was made available to the Nigerian Navy annually, as both capital and overhead budgets.
On the challenges faced by the Navy from the 2014 budget, Jibrin disclosed that the amount of capital funds that were released, so far, were insufficient to completely fulfill the 2014 payment obligations