February 29, 2024

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Nigeria may lose $23bn in 2023 if oil theft continues, says NSA

Nigeria may lose $23bn in 2023 if oil theft continues, says NSA

The National Security Adviser, Major General Babagana Monguno, has estimated that the Federal Government may lose $23billion in 2023 if crude oil theft is not tackled.

Monguno stated this on Tuesday during the inauguration of a special investigation panel set up to check crude oil theft in the country.

General Monguno expressed worries that the nation currently produces one million barrels of crude oil per day as against the two million barrels daily target by the Organization of Petroleum Exporting Countries (OPEC).

While lamenting the poor revenues accruing from the petroleum sector, he charged members of the committee to work towards reducing the menace.

The committee is expected to submit its report by February 21st, 2023.

The Nigerian National Petroleum Company had raised alarm over the level of revenue loss to oil theft.

“Every two days, you are talking of almost $150 million down the drain, that’s what the nation is losing as we speak,” the national oil company had said.

The senate committee investigating oil theft and its consequent damage to the country’s economy had said that Nigeria lost N1.3 trillion ($2 billion) to oil theft between January and August 2022.

 

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