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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Two major oil unions; PENGASSAN and NUPENG have strongly opposed the Federal Government’s reported plan to divest up to 35% of its stakes in joint venture oil assets managed by the Nigerian National Petroleum Company Limited (NNPCL).

At a joint press briefing in Abuja, PENGASSAN President Festus Osifo warned that the sale would “mortgage the future of Nigerians for temporary gains,” arguing that it could bankrupt NNPCL and reduce its ability to fund salaries and support the national budget.

Currently, the government holds 55–60% of these assets. The unions said any reduction would weaken Nigeria’s national oil company and threaten its contributions to the economy.

“The NNPCL manages JV assets on behalf of the Federation. Every oil well belongs to the Nigerian people,” Osifo stated. “If these stakes are sold, the federation loses.”

The proposal comes as President Bola Tinubu pushes for reforms to optimize spending and boost federal revenue. However, the unions warned that amending the Petroleum Industry Act (PIA) just three years after it was passed would damage investor confidence.

“Investors are just beginning to understand the PIA, and suddenly government wants to change it again,” said NUPENG President Williams Akporeha. “Every serious oil-producing country protects its national oil company. Here, we are doing the opposite.”

They also accused the Ministry of Finance of trying to sideline the Ministry of Petroleum in managing NNPCL, calling it a “backdoor hijack.”

While not announcing a strike, the unions issued a firm warning: “We will fight with everything to stop this,” Osifo declared.

Both unions urged President Tinubu to personally halt the divestment and maintain NNPCL’s core national role.

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