NEC Approves N15bn For Anti-Oil Theft Equipment

The National Economic Council has approved N15bn to purchase equipment that will be used to fight oil theft in the next one year.

The funds will be sourced through a tripartite arrangement involving the federal and state governments as well as international oil companies.

The Anambra State Governor, Peter Obi, disclosed these in Abuja on Thursday while briefing State House correspondents after the NEC meeting presided over by Vice-President Namadi Sambo

A few months ago, oil production reduced to 1.7 million barrels per day.

Obi said the council received a report from the Emmanuel Uduaghan committee on the incidence of crude oil theft in the Niger Delta.