The Federal Government said it has spent over $12 billion in curbing pipeline vandalism and oil theft in the country.

The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, disclosed this at a stakeholders meeting in Lagos to address the rising security challenge in the oil sector.

The minister said about $5 billion was spent in the last one year on pipeline repairs while the amount lost to crude theft was valued at $7 billion.

“In the last six months, the security level of the oil industry in the country has become alarming which has necessitated the need for the round table with all stakeholders. It will be very productive if we open up discussion to provide solution on the situation we have found ourselves,” she said.

She stated that Service Chiefs will constitute a task force comprising very senior officials in a bid to properly address the challenges.

The Chief of Defence Staff, Air Marshall Oluseyi Petinrin, disclosed that the essence of the task force was to checkmate incessant oil theft. He said that senior army personnel and other security agencies would be included in the team.

“I quite agree with the collective decision of the stakeholders on ways to address oil theft in the country. All the security agencies will ensure adequate monitoring of the country’s oil theft to logical conclusion,” he said.