Crude oil theft: Nigeria set to lose $23 billion in 2023 – NSA

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.

Monguno made the remark on Tuesday, November 6, during the official opening of a special investigation panel established to stop crude oil theft in the nation.

NSA worried about poor revenue from the oil sector

General Monguno expressed concern at the occasion over Nigeria’s current crude oil production of one million barrels per day as opposed to the two million barrels per day goal assigned to it by the Organization of Petroleum Exporting Countries (OPEC).

He bemoaned the issue of the government’s low oil industry income and tasked the newly established committee members with addressing the problem.

By February 21st, 2023, the committee is supposed to submit its report. Huge quantities of crude oil are being stolen by a cabal in the oil business, which has had a major negative impact on the nation’s economy and revenue for several years.

Huge quantities of crude oil are being stolen by a cabal in the oil business, which has had a major negative impact on the nation’s economy and revenue for several years.

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Remember that the Nigerian National Petroleum Corporation (NNPC) stated earlier in October that it had discovered a 4-kilometer illegal pipeline that was connected to the Forcados Terminal and functioned for 9 years, losing around 600,000 barrels per day of oil during that time.

Mele Kyari, Group Managing Director and Chief Executive Officer of NNPC, had accused government and security personnel of working with oil thieves to steal Nigeria’s crude oil around two weeks prior while making an appearance on a Channels Television program.

The state-owned oil company had previously promised that its cooperation with security forces was minimizing theft and would steadily increase production.

The Managing Director of Chevron Nigeria/Mid Africa Business Unit, Richard Kennedy, described the threat as an organized crime and should be completely differentiated from host community issues. Critics claim that oil theft in Nigeria, one of Africa’s largest petroleum producers, is a much wider problem of corruption involving members of the security forces and local political leaders.