Despite N350.4b annual security budget, oil facilities not safe | The Guardian Nigeria News - Nigeria and World News

• Stolen Crude May Repay Half Of Nation’s $83.88b Total Debt, Finance 2020 Budget With Additional $8b For Mambilla Power Project• Nwakolo Says Nigeria’s Obsolete Refineries, Weak Pipelines Aiding Theft, Bunkering

For staff and oil installation protection, most international oil companies operating in the country spend nothing less than $128m a year. A leaked internal document of Shell revealed that the oil company spent $383m over three years protecting staff and installations in the Niger delta region. Considering that the current method of oil asset protection in the country, includes a coordinated strategy involving the Nigeria military, surveillance contracts championed by the Nigerian National Petroleum Corporation , as well as the involvement of other related agencies, the stakeholders say failure to nip the brazen theft in the bud is capable of undermining the nation’s economic growth.

“The depth of oil theft in the country is scandalous. Who is behind the theft? You have the military protecting the asset; there are powerful individual behind it, Musa said while condemning the loss of over $42b in recent time. If channeled into addressing infrastructure for instance, the current leakage is capable of providing almost twice the $31 billion needed yearly to bridge the gap in key infrastructure. A study conducted by Mckinsey on Nigeria’s infrastructure requirement earlier this year shows that investment of over $31bn would be required yearly annually.

Team Lead Nextier SPD, Dr. Ndubuisi N. Nwokolo, noted that the nation’s oil industry is in serious need of overhauling, particularly refineries as well as crude and refined oil transportation pipelines.

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