ABUJA — The Senate on Wednesday received the interim report of its ad hoc committee investigating crude oil theft and related sabotage in the Niger Delta, revealing that Nigeria may have lost more than 300 billion dollars in unaccounted crude oil proceeds.

Presenting the report, Committee Chairman, Senator Ned Nwoko (APC–Delta), said the findings exposed systemic irregularities, poor measurement standards, and weak enforcement in the oil and gas sector.

The 40-page interim report recommends strict enforcement of internationally accepted crude measurement standards by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), modern surveillance equipment for security agencies, and deployment of unmanned aerial vehicles to combat oil theft.

It also proposed the establishment of a Maritime Trust Fund, special courts for oil theft prosecution, and full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act.

The committee further suggested empowering it to “track, trace, and recover” stolen crude and proceeds, a recommendation that sparked debate among senators.

Senator Abdul Ningi (PDP–Bauchi) described the report as detailed, but said recovery of stolen funds lies outside the Senate’s powers.

Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, supported this position, saying recovery should be handled by the executive arm of government.

Other lawmakers, including Senator Ibrahim Dankwambo (APC–Gombe), called for a more comprehensive final report identifying actors, affected wells, rigs, and volumes of crude lost through bunkering and leakages.

Senator Enyinnaya Abaribe (APGA–Abia) urged patience, noting that the report is interim and should be received pending final submission.

Senate President Godswill Akpabio commended the committee’s “thorough and courageous work,” describing the estimated 300 billion dollars loss as “staggering” and underscoring the need for reforms and tighter oversight of the petroleum sector.

The Senate thereafter adopted the interim report and directed the ad hoc committee to continue investigations and present a detailed final report with actionable recommendations.