The Senate has revealed that about $303 billion in proceeds from stolen crude oil transactions both local and international remain unaccounted for.

This disclosure came on Wednesday as the upper chamber received an interim report from its Ad Hoc Committee on Crude Oil Theft and Related Sabotage in the Niger Delta, chaired by Senator Ned Nwoko (Delta North).

According to the report, forensic investigations conducted by independent consultants uncovered missing funds of $22 billion, $81 billion, and $200 billion across different periods.

The committee recommended that the Federal Government enforce internationally recognized crude oil measurement standards at all production and export terminals. It also urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deploy modern measuring technologies or transfer the task to the Weights and Measures Department under the Ministry of Industry, Trade, and Investment.

To curb theft, the report further proposed the deployment of Unmanned Aerial Vehicles (UAVs) and an integrity pipeline monitoring system, as well as the establishment of a Maritime Trust Fund to enhance maritime infrastructure, safety, and security.

The committee also called for the creation of a special court to expedite the prosecution of crude oil thieves and their collaborators. It advised immediate implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to reduce sabotage and hand over abandoned wells to modular refineries for local production.

During deliberations, several lawmakers expressed mixed reactions to the report.

Senator Abdul Ningi (Bauchi Central) cautioned that while the committee could trace losses, it lacked constitutional power to recover stolen funds.

Senator Olamilekan Adeola (Ogun West) urged the consultants to name the companies and individuals involved.

Deputy Senate President, Barau Jibrin (Kano North) clarified that the National Assembly could only recommend recovery to the executive arm.

Senate President Godswill Akpabio commended the committee’s efforts, directing it to continue investigations and present a comprehensive final report before any recommendations are adopted.

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