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flag Nigeria’s Senate uncovers $300B in unaccounted oil revenue since 2015 due to theft and poor oversight.

flag A Nigerian Senate ad hoc committee has revealed an estimated $300 billion in unaccounted crude oil proceeds since 2015, citing systemic failures like poor measurement, weak enforcement, and sabotage in the Niger Delta. flag The interim report, based on forensic reviews by international consultants, recommends establishing special courts, deploying drones and surveillance tech, reinstating the Weights and Measures Department, creating a Maritime Trust Fund, and transferring abandoned wells to the Nigerian Upstream Petroleum Regulatory Commission. flag While the Senate adopted the findings and directed a final report, lawmakers debated the body’s role in fund recovery, affirming it lies with agencies like the EFCC and ICPC.

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