The Senate ad hoc committee probing crude oil theft in the Niger Delta has triggered widespread outrage after its interim report disclosed massive discrepancies, revealing that nearly ₦300 billion in domestic crude revenue and over $200 billion from international crude oil sales remain unaccounted for.
The report detailed systemic lapses, weak oversight, and poor coordination that allegedly enabled the large-scale diversion of Nigeria’s crude oil revenue over several years.
Specific financial discrepancies cited in the report include:
A shortfall of $81 billion between crude receipts declared by the Nigerian National Petroleum Company Limited (NNPCL) and those recorded by the Central Bank of Nigeria (CBN) for the years 2016 and 2017.
Sale differentials, mismatches, and unaccounted funds amounting to about $22 billion in domestic crude proceeds and tax oil proceeds.
The committee traced the primary problem to faulty measurement systems, weak regulatory oversight, and uncoordinated enforcement among government agencies. It specifically identified the use of unverified measuring instruments and the lack of metrological control as major enablers of revenue leakages.
The panel specifically faulted the suspension of the Weights and Measures Department’s activities in the upstream sector under the Petroleum Industry Act (PIA) 2021, describing the decision as one that undermined accountability and accurate measurement in crude oil operations. The committee stressed that accurate measurement at production sites and export terminals is the critical first step in properly accounting for all proceeds.
