Menace Of Crude Oil Theft

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Recent media reports claim that Nigeria lost not less than $3.5 billion revenue to crude oil theft in 2021 alone, representing about 10 percent of the

There is no gainsaying it, in our opinion, that crude oil theft has continued to thrive because of the collusion of security officials, the communities and political leaders with criminal elements working on their behalf.This newspaper is worried that despite the burgeoning effects of oil theft on the national revenue, oil being the highest revenue earner for the country, successive governments have continued to pay lip service to this brazen act of sabotage.

According to reports from Debt Management Office , Nigeria is saddled with a debt stock of N38 trillion as of September 2021, which represents a N5 trillion increase from its previous N33 trillion as of December 2020.

 

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