NSA says Nigeria is set to lose $23 billion in 2023 from crude oil theft
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NSA says Nigeria is set to lose $23 billion in 2023 from crude oil theft

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Nigeria is expected to lose an estimated sum of $23 billion next year if the cases of oil theft is not well managed and stopped.

This information was made known by former military general Babagana Monguno who is the the National Security Adviser to the Federal Government at the inauguration of a special panel of investigation for crude oil theft in the country.

In other news, the NSA also called for cooperation among security agencies between Ghana and Nigeria to tackle the proliferation

Monguno also expressed his worries that Nigeria is currently only producing one million barrels of crude oil per day as against its target of two million barrels allocated to it by the Organization of Petroleum Exporting Countries (OPEC).

He also called on the newly constituted committee to work towards reducing the menace of the oil theft in the country, the committee is currently expected to submit its report by Feb, 2023.

Nigeria has been plagued with incessant crude oil theft by some cabals in the oil industry for a very long time now where oil is been lifted in high volume out of the country without any accountability.

This oil theft is greatly affecting the countries revenue and economy in general. Just in October 2022 the Nigeria National Petroleum Corporation (NNPC) uncovered an illegal 4 kilometer pipeline oil theft operation they claimed had been in operations for more than 9 years syphoning over 600,000 barrels of oil on a daily basis.

Mr Mele Kyari who is the Group Managing Director and Chief Executive Officer of NNPC, went on live television (channel TV) to accuse the government and security officials of collaborating with the oil thieves.