Why Nigeria might lose $23bn in 2023 -FG

Nigeria might see a revenue shortfall of about $23billion due to crude oil theft. Babagana Munguno, a retired army general and national security adviser, said this while inaugurating the nine-man panel Special Investigative Panel (SIP) on oil theft and loses.

The panel is saddled with the duty to unravel those behind the theft of Nigeria’s crude oil in the Niger Delta region, and it has till February 21, 2023 to submit his findings.

TheCornet reports that Nigeria loses hundreds of barrels of oil to theft on a daily basis.

According to Munguno, “some sources put the figure of daily crude oil losses at 800,000 bpd. This translates to a loss of income of about $64 million daily at the rate of $80 per barrel.

“Consequently, it is projected that if this trend continues unchecked and these figures keep fluctuating, it will result in a revenue shortfall of approximately $23bn in 2023.

“This translates to a loss of about N10 trillion when calculated at N445 to $1 exchange rate. This menace assumed a more worrisome dimension with recent discovery of illegal pipeline connection through which Trans Escravos pipeline was siphoned for several years,” he said.

Recently, security agents working with special private security firms had discovered illegal connections linked to oil pipelines and also vessels used for stealing crude.


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