Rising cases of oil theft which has affected Nigeria’s earning capacity in a period of high crude prices could be worse than imagined; as the Federal Government revealed that Nigeria is losing 400,000 barrels per day to crude theft.
This was by Minister of State for Petroleum Resources, Dr Timipre Sylva, in a meeting with Gov. Hope Uzodimma of Imo at the Government House, Owerri, according to NAN.
The minister added that the economic losses attributed to oil theft are capable of crippling Nigeria’s economy.
Due to crude oil theft, Nigeria lost a staggering $1 billion in revenue in the first quarter of 2022; endangering the economy of Africa’s top producer, according to Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory.
He added that only about 132 million barrels of the 141 million barrels of oil produce in the first quarter of 2022 were receive at export terminals.