Federal Government sets aside $1billion to curb crude oil theft

The Nigerian President, Goodluck Jonathan, on Sunday said that the government has earmarked one billion dollars for the implementation of a comprehensive programme to check crude oil theft, the vandalism of oil and gas infrastructure and the apprehension and prosecution of crude oil thieves

At separate meetings with the Prime Minister of the Netherlands, Mr Mark Rutte and the Chief Executive Officer of Shell International, Mr Ben Van Beurden, President Jonathan said that a technical committee had already been set up to look into all aspects of the implementation of the programme.

In a statement, a spokesman for the president, Reuben Abati, said the programme would include further action to enhance the security of pipelines and other oil industry infrastructure, resolve community-related issues, boost youth empowerment in oil-producing areas and enhance the commitment of oil companies to the discharge of their corporate social responsibilities.

President Jonathan said that the fresh onslaught against oil theft planned by his administration would require the maximum co-operation of the international community, especially countries like the Netherlands which were major stakeholders in the global oil industry.

“Oil theft is an aspect of global terrorism, which has become a big industry on its own. It has become a major threat to the Nigerian economy and we need to work with all stakeholders to curb it. The thieves must be traced, apprehended and prosecuted,” the president, who is in the Netherlands for the 2014 Global Nuclear Security Summit, said.