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PRNIGERIA PRNigeria News
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    • Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

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    Nigeria may lose $23bn to oil theft in 2023, says Monguno

    By
    Prnigeria
    -
    December 6, 2022
    Babagana Monguno NSA
    Babagana Monguno NSAMonguno, NSA

    Nigeria may lose $23bn to oil theft in 2023, says Monguno

    Babagana Monguno, the national security adviser, says the federal government may lose $23 billion in 2023 if crude oil theft continues.

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

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

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

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

    Read Also:

    • IG Deploys FPRO Adejobi to Delta State Command
    • Tinubu Orders Mandatory Health Insurance Implementation Across MDAs
    • Nigeria Records 775 Terrorism Convictions in Eight Phases of Trials – Gen. Laka

    The issue of oil theft has remained a source of concern to the government, with huge revenue diverted to the pockets of the perpetrators.

    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  Nigeria lost N1.3 trillion ($2 billion) to oil theft between January and August 2022.

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had said about 1.2 million barrels of oil are shut-in consistently due to the menace in the country.

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    Foundations to Hold Free Medical Outreach in Honour of CDS Musa in KadunaIG Deploys FPRO Adejobi to Delta State CommandTinubu Orders Mandatory Health Insurance Implementation Across MDAsNigeria Records 775 Terrorism Convictions in Eight Phases of Trials - Gen. LakaCustoms Generates N3.7trn in H1 2025 as FG Targets Enhanced Private Sector GrowthHer Child Nearly Died Because She Skipped a Vaccine By Hafsat IbrahimNigeria Needs Peace Education, Community Investment to Tackle Extremism – PAVE Network New Education Curriculum: Full List of JSS, SS SubjectsSecurity Forces Destroy IPOB/ESN Camp in Anambra Intelligence-led OperationDSS Arraigns 9 Suspects over Benue, Plateau KillingsAnambra Police Foil Lynching of Murder Suspect, Launch Full InvestigationFG Reaffirms Non-Interference in ICPC, EFCC OperationsEl-Rufai and the Politics of Shifting Loyalties, by Kabir AkintayoCourt Voids Military’s 15-Year Mandatory Service Rule Before ResignationsNCTC Urges Forensic and Non-Military Strategies in Regional Fight Against Terrorism
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