The Nigerian Navy on Tuesday told the Senate Committee on Navy that the nation currently loses as many as 100, 000 barrels of crude oil at the estimated cost of N1.18 billion everyday, amounting to N433.62 billion a year.
Making the disclosure during the organisation’s budget defence, the Chief of Naval Staff, Rear Admiral Usman Jibrin, who was represented by the Chief of Logistics, Rear Admiral Peter Agba, said the development was caused by poor enforcement at the nation’s territorial waters.
Jibrin said he obtained the information through Chatham House’s recent disclosure.
The figure however contradicted the recent Ministry of Finance claim that Nigeria was losing 400, 000 barrels of crude oil per day despite the award of multi - billion dollar contracts to some private security outfits.
He lamented that whereas the Nigerian Navy had submitted the sum of N205.4 billion for its capital projects in 2014, the Ministry of Finance reduced it to paltry N8 billion, which he said implied 90 percent reduction of its original budget proposal.
“The proposed capital projects for 2015 (captured in the initial N205.4 billion) include the ongoing acquisition of two OPVs, acquisition of patrol crafts and helicopters, procurement of arms and development of vital support infrastructure. The equipment are needed to improve naval operations and the welfare of personnel,” he said.
He added that despite the substantial reduction in the Navy appropriation in 2014, the Nigeria Navy didn’t fail in its responsibility as it arrested 84 vessels and 155 suspected oil thieves.
He also said his personnel destroyed 120 illegal oil refineries, 29 barges, 93 boats and 1, 259 auxiliary equipment and tools used by the oil thieves. (Thisdaylive)
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