How Nigeria lost $42bn to crude oil theft in ten years - NEITI - Daily Post Nigeria

metering infrastructure of all facilities, and other creative strategies to combat the growing menace of theft of Nigeria’s crude oil and refined petroleum products.

The agency expressed concerns that in the face of current dwindling revenues, paying priority attention to curb oil theft in the country’s oil and gas industry has become both necessary and urgent to expand revenue generation. “This implies that Nigeria may be losing up to a fifth of its daily crude oil production to oil thieves and pipeline vandals”, the report said.

According to the NEITI report, what the country lost in 20 months in fiscal terms is “Enough to finance the proposed budget deficit for 2020; in 15 months to cover total proposed borrowing or increase capital budget by 100% and in five months to cover pensions, gratuities and retirees’ benefits for 2020”.

The report further identified other effects of oil theft to the nation to include: pipeline vandalism, criminal sabotage, illegal refineries in oil-producing communities, which threatens the safety and livelihoods of the environment where these illegal refineries operate.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

36.5 million barrels of oil stolen in 2017 – NEITIWho thief am Where dem carry am go Weldon 🤣🤣🤣🤣 drama country
Source: MobilePunch - 🏆 8. / 63 Read more »

Teenage boys, girls raped in Nigeria daily- Sexual violence report reveals - Daily Post NigeriaA new report on sexual violence against minors have revealed that over 60 percent of rape victims in Nigeria were toddlers and teenagers. the report I follow back
Source: DailyPostNGR - 🏆 11. / 59 Read more »

FRSC speaks on losing power to fine road traffic offenders - Daily Post NigeriaThe Federal Road Safety Corps (FRSC) has dismissed claims that it lacks the power to impose fines on road traffic offenders. A statement on its website
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Okorocha's aide loses N1.5bn hospital to Nigerian govt - Daily Post NigeriaThe Economic and Financial Crimes Commission, EFCC, on Friday secured the final forfeiture of a hospital linked to former governor Rochas Okorocha's
Source: DailyPostNGR - 🏆 11. / 59 Read more »

EPL: Lampard reveals why Chelsea lost 3-1 to Everton - Daily Post NigeriaChelsea manager, Frank Lampard, has said that his side weren’t committed enough, following their 3-1 defeat at Everton on Saturday. The Toffees got off to
Source: DailyPostNGR - 🏆 11. / 59 Read more »

EPL: Guardiola reveals why Man City lost 2-1 to Man Utd - Daily Post NigeriaManchester City manager, Pep Guardiola, has admitted that his team was too open, following their 2-1 defeat to Manchester United on Saturday. Marcus
Source: DailyPostNGR - 🏆 11. / 59 Read more »