ENUGU, Nigeria (VOICE OF NAIJA)- Vice President Yemi Osinbajo, has said that oil theft poses a great danger to national security.
The Presidential Special Investigative Panel on Oil Theft and Losses, has therefore, sought stiffer penalties for oil thieves.
Osinbajo stated this in Abuja on Tuesday at a stakeholders’ conference on oil theft and losses.
He said: “Oil theft and sabotage of oil and gas assets are a clear and present danger to our economy and national security.
“Not only do they pose a serious threat to oil exploration and our energy economy, but they also impact negatively on revenue accruals to the federation and the business prospects of investors in the oil sector if left unchecked.”
Earlier in his address, the chairman of the presidential panel, Barry Ndiomu, said oil theft had hindered Nigeria’s crude oil production, plunging output to a 13-year low of 800,000bpd.
Also speaking, the National Security Adviser, Babagana Monguno, said oil thieves had increased the level of sophistication, considering the various methods they employed to tap primary pipelines with illegal secondary pipes to load on barges and sell to international collaborators or to process locally for illicit domestic sale.
On his part, the Minister of State for Petroleum Resources, Timipre Slyva, said the government’s efforts in securing oil assets were yielding results.
He said this would be sustained to achieve the Organisation of Petroleum Exporting Countries (OPEC) quota.