Major General Babagana Monguno, the National Security Adviser, has cautioned that if crude oil theft continues in the nation, the Federal Government could lose an estimated $23 billion next year.
NSA is concerned about the oil industry’s low revenue. Contrary to the two million barrels per day target set by the Organization of Petroleum Exporting Countries, Nigeria currently produces one million barrels of crude oil daily (OPEC).
The newly established committee was charged with tackling the problem of the government receiving inadequate revenue from the oil sector.