Nigeria records highest oil theft rate in the world ~ NNRC Report

October 19, 2019
102 Views

The highest ever reported crude oil theft in the world has taken place in Nigeria with the country recording approximately 400,000 barrels per day (bpd) crude theft, a report showed. Mexico came second with approximately 5000 to 10000 bpd loss to oil theft. The report was the outcome of a study on oil theft carried out by the Nigeria Natural Resource Charter (NNRC).

Speaking in Lagos yesterday at a media and CSO workshop on reducing oil theft yesterday, the researcher Niyi Awodeyin said the report showed that Nigeria’s loses around 10 per cent of its annual budget to crude oil theft. Awodeyin said it was complex to determine the scale of oil theft but that on average Nigeria loses N1tr per year to oil theft.

He said the scale of oil theft showed that Nigeria was losing on a daily basis more than the volume of crude oil some countries produce daily. He said 75 per cent of stolen crude was taken out of Nigeria. Awodeyin said the study showed that there has been a steady rise in the past decade of crude oil theft between 2011 and 2014.

Estimates of lost revenue, according to the study, ranges from $7billion to 12billion annually. He said oil theft could continue unabated because the current policies on theft were not enough to deter oil thieves.

Source: Daily Trust

You may be interested

2023: Kalu sees no hope for Igbo
News
News

2023: Kalu sees no hope for Igbo

Webby - November 27, 2020

Senate Chief Whip Orji Uzor Kalu has hit his tribesmen clamouring for an Igbo presidency in 2023, telling them to…

Igbo leaders won’t help Nnamdi Kanu – Ohanaeze
News
2 views
News
2 views

Igbo leaders won’t help Nnamdi Kanu – Ohanaeze

Webby - November 27, 2020

Ohanaeze Ndigbo Youth Council, OYC, has described the commencement of Nnamdi Kanu’s trial at the Federal High Court, Abuja, as…

Gunmen kill top traditional ruler
News
1 views
News
1 views

Gunmen kill top traditional ruler

Webby - November 27, 2020

Gunmen suspected to be kidnappers on Thursday afternoon shot dead the First Class traditional ruler of Ifon, the Olufon of…

Leave a Comment

Your email address will not be published.