The Senate is currently considering the enforcement of stiffer penalties against oil theft, the President of the Senate, Godswill Akpabio, has said.

Speaking during the opening of a two-day public hearing on crude oil theft in the Niger Delta, Akpabio, represented by Deputy Senate President Senator Barau Jibrin (APC, Kano North), said the 10th National Assembly will do all within its powers to safeguard the Nigerian economy.

He said, “We are prepared to strengthen laws, enhance oversight, and ensure that agencies responsible for protecting our oil assets are held accountable.”

The Senate, he said, is considering stiffer penalties for oil theft, with terrorism charges for major offenders and compulsory digital metering and real-time monitoring of oil production and exports.

Other measures include greater transparency in crude oil lifting and revenue reporting; enhanced collaboration between the military, police, anti-graft agencies, and international partners to track and intercept stolen crude.

He noted that the fight against oil theft is not solely the responsibility of the government, even as he called on oil companies to invest in modern surveillance technologies and secure pipelines.

This is just as he urged host communities to act as first-line defenders of these assets in the interest of Nigeria and millions of citizens.

“As I declare this public hearing open, I charge all stakeholders to engage with utmost seriousness. The recommendations from this session must lead to actionable, measurable, and time-bound solutions. Nigeria’s survival depends on it,” he stressed.

Akpabio warned destroyers of oil assets that their time is up, saying, “To the criminals stealing our crude oil, your time is up. To the agencies tasked with protecting our resources, the nation is watching. The Senate expects nothing less than a robust, no-holds-barred report that will guide decisive legislative and executive actions. It is time to take back what belongs to Nigeria.”

He expressed displeasure over reports indicating that Nigeria loses between 150,000 and 400,000 barrels of crude oil daily to theft, resulting in billions of dollars in lost revenue annually.

“This theft is not a victimless crime. It directly undermines our economic stability, devalues the Naira, starves critical sectors of funding, and perpetuates poverty in oil-producing communities. Worse still, it finances illegal arms, fuels violence, and emboldens criminal networks that threaten national security,” he added.