The Chairman of the Petroleum Revenue Special Task Force, Nuhu Ribadu on Thursday asked the Federal Government to find a lasting solution to petroleum pipelines vandalism
Mr Ribadu, who made this request at a meeting on metering and measuring petroleum products in Abuja, said crude oil theft is responsible for the loss of up to 30 per cent of the nation’s revenue.
“Security is the reason why we are not getting maximum benefits out of this industry. Security is probably responsible for maybe up to 30 percent of loss of revenue to the country,” he said.
Mr Ribadu said his committee is working to find a lasting solution to the irregularities in the regulations guiding the industry by initiating a system where oil production is accurately metered and measured so that actual production figures will finally be transparent.
The Petroleum Revenue Task Force, headed by Mr Ribadu, was set up by the Minister of Petroleum to work with oil and gas experts to determine and verify all petroleum upstream and downstream revenues, among other duties.