News

Engaging the Navy: Reps Committee Addresses Oil Theft and Pipeline Security

Published

3 years ago

February 17, 2024

The House of Representatives’ Special Committee on Crude Oil Theft on Friday met with the Chief of Naval Staff to strategize on collaborative initiatives for effective policing of pipelines and other critical assets in the oil and gas industry with the overall goal to tackle the menace of crude oil theft and pipeline vandalism.

The Chairman of the Committee, Alhassan Ado Doguwa, who led the committee on the visit to the headquarters of the Nigerian Navy, reiterated the commitment of the lawmakers to President Bola Tinubu’s government’s efforts to turn around the economy through the oil and gas sector.

Doguwa, who is also the Chairman of the House’s Committee on Petroleum Resources (Upstream), emphasized the need to review the legal frameworks to enhance the effective performance of the security agencies in their operational activities on shore and in the hinterlands.

The chairman also hinted at a “possible consideration for improved funding for the Navy to enhance their policing duties in defending and protecting our critical assets in the oil and gas industry.

“We appreciate the good works the men and officers of the Nigerian Navy and other sister forces and security agencies have been doing to secure our pipelines to make sure that the country gets good value for our mineral resources, but we recognize that there is still a room for more because Nigeria is still losing more to the illegal activities of vandals and crude oil thefts.

“This is why the Honorable Speaker, House of Representatives Rt. Honourable Tajudeen Abbas has set up this committee in a bid to address one of the threats to the nation’s economy. This, the committee’s primary objective of determining the proximate and remote causes of oil theft and recommending remedial measures to the parliament, means it has to engage with critical stakeholders like the Navy,” Doguwa said.

Responding, the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla, appreciated the committee for its efforts and agreed to cooperate with the committee to deliver on its legislative mandate.

The CNS, however, expressed concerns over delayed judicial processes of arrested culprits, which he believes has not encouraged the efforts the Navy and sister forces and security agencies have been putting into securing the nation’s economy.

He urged the committee to create an enabling legal framework that will harmonize the activities of the government security agencies with private security organizations with a view to achieving desired results.

News

FG Seeks Fresh $1.5bn World Bank Loans As Nigeria’s Debt Hits N166.79tn

Published

6 hours ago

September 28, 2026

Nigerian Tracker

By Yusuf Danjuma Yunusa

The Federal Government is in discussions with the World Bank for three new loans worth a combined $1.5 billion, even as Nigeria’s total public debt climbed to a record N166.79 trillion by June 2026.

The proposed facilities consist of three $500 million loans targeting climate resilience, social protection and early childhood development.

The first is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which would increase its total financing to $1.2 billion. The funds are expected to support land restoration, flood and erosion control, irrigation, water management and other climate-resilience measures across northern Nigeria.

Another $500 million facility is proposed for the Household Prosperity and Empowerment-Social Protection (HOPE-SP) project. It is designed to support poor and vulnerable households through cash transfers, an improved social registry and stronger social protection systems.

The third $500 million loan would finance the Nigeria Early Childhood Development programme, covering all 36 states and the Federal Capital Territory. The programme aims to improve access to healthcare, nutrition, early learning, childcare, water and sanitation for children aged zero to five.

Meanwhile, figures from the Debt Management Office show that Nigeria’s public debt increased by N14.39 trillion , from N152.40 trillion in June 2025 to N166.79 trillion in June 2026. Domestic debt stood at N91.59 trillion, while external debt was N75.20 trillion.

Nigeria’s debt to the World Bank Group also rose to $20.73 billion by June 2026, accounting for about 38 per cent of the country’s $54.52 billion external debt.

Economist Adewale Abimbola said concessional loans could support development if properly structured and effectively utilised, stressing that the key issue was how the borrowed funds were deployed.

News

Report: Nigeria Records N166trn Public Debt

Published

2 days ago

September 26, 2026

Nigerian Tracker

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‎By Yusuf Danjuma Yunusa
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‎The Debt Management Office (DMO) says Nigeria’s total public debt rose to N166.79 trillion as of June 30, 2026.
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‎The DMO published the latest public debt portfolio report on Friday.
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‎The figure represents a 9.4 percent or N14.39 trillion increase from the N152.4 trillion recorded at the end of June 2025.
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‎It also represents an increase of N7.44 trillion or 4.7 percent compared with the N159.35 trillion recorded at the end of the first quarter (Q1) of 2026.
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‎According to the latest report, the debt stock comprises N91.59 trillion in domestic debt, which accounts for 54.91 percent of the total debt stock, and N75.2 trillion in external debt, representing 45.09 percent.
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‎The debt office said domestic debt increased by N11.04 trillion (13.7 percent) from N80.55 trillion recorded in June 2025.
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‎The office said external debt also rose by N3.35 trillion (4.7 percent) from N71.85 trillion in the same period.
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‎According to the DMO, the federal government accounted for N152.77 trillion of the total debt stock, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.
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‎On the other hand, states and the Federal Capital Territory (FCT) accounted for the remaining N14.01 trillion — N4.59 trillion in domestic debt and N9.42 trillion in external debt.
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‎In dollar terms, the agency said Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026 — up from $99.66 billion recorded in June 2025.
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‎The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,379 per dollar as of June 30 was used to convert the external debt to naira.
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News

NNPC Ltd Welcomes $800m Ima Gas Final Investment Decision

Published

3 days ago

September 25, 2026

Nigerian Tracker

The Nigerian National Petroleum Company Limited (NNPC Ltd) has welcomed the $800 million Final Investment Decision (FID) on the Ima Gas Project, describing it as a landmark development that affirms the growing viability of Nigeria’s upstream gas sector.

The project, located offshore in OMLs 112 and 117 and developed by AMNI International in partnership with TotalEnergies, will produce about 300 million standard cubic feet of gas per day at peak. The output will supply critical feedgas to Nigeria LNG Limited in support of its Train 7 expansion, which will increase capacity at the Bonny Island plant from 22 million tons per annum to 30 Mtpa.

The FID was enabled by the Presidential Directives of 2024, which provided fiscal incentives for non-associated gas, streamlined contracting and lowered development costs. Ima is the fourth major gas project to reach FID under President Bola Ahmed Tinubu, after Iseni, Ubeta and HI.

Group Chief Executive Officer, NNPC Ltd., Engr. Bashir Bayo Ojulari described it as “a decisive vote of confidence in Nigeria’s gas sector and in the bold reforms” that have created competitive terms and a predictable investment environment.

NNPC Ltd. also commends the collaboration between AMNI, TotalEnergies and the Nigerian financial sector, saying the model of indigenous operator, international partner and domestic capital is a template for future developments.

In a statement signed by Andy Odeh Chief corporate communications officer of NNPC Ltd. reaffirms its commitment to work with government, regulators and industry partners to sustain investment momentum and deploy Nigeria’s gas resources for industrialisation, job creation and long-term prosperity.