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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:

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    • BREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to Rest in Daura
    • Lagos Police Arrest Suspected Armed Robber, Recover AK-49 Rifle

    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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    Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others in PlateauBREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to Rest in DauraLagos Police Arrest Suspected Armed Robber, Recover AK-49 RifleBeyond the Public Gaze: Gen Irabor's Intimate Farewell to BuhariKogi Confirms Arrest of Kidnappers’ InformantsTinubu Receives Buhari’s Remains in Katsina Ahead of Burial in DauraAtiku, Osinbajo, Amaechi, Pantami, Others Storm Katsina for Buhari’s Final RitesJUST IN: VP Shettima Arrives Katsina With Late Ex-President Buhari’s BodyNigeria Engages US, UAE over New Visa Policies, Reaffirms Commitment to Diplomatic TiesFACT-CHECK: Was Sheikh Emami al-Hadi Arrested in Iran for Being a Mossad Spy?‎Saudi Arabia Mourns Buhari's Death, Condoles TinubuBuhari’s Patriotism Will Never Be Forgotten — Ministry of DefenceEnugu Police Raid Firearms Factory, Recover 10 GunsTroops Ambush Bandits, Eliminate 2, Recover Arms in PlateauTribute to the Late Former President Buhari, By Vice Admiral Awwal Z Gambo (Rtd) CFR
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