The National Security Adviser (NSA), Maj-Gen. Babagana Monguno, has projected that Nigeria might lose a whopping $23billion next year if crude oil theft continues in the country.
Monguno said this on Tuesday during the inauguration of a special investigation panel set up to check crude oil theft in the country.
General Monguno expressed worries that the country currently produces one million barrels of crude oil per day, a far cry from the two million barrels daily quota allocated to it by the Organization of Petroleum Exporting Countries (OPEC).
While lamenting the poor revenues accruing from the petroleum sector, he charged members of the committee to work towards bringing reducing the menace.
The committee is expected to submit its report by February 21st, 2023.
The Nigerian National Petroleum Company Limited (NNPCL) said last October its cooperation with security forces was reducing theft and will bring production consistently back up.
Critics say oil theft in Nigeria, one of Africa’s largest petroleum producers, is a much wider problem of corruption involving elements of the security forces and local political leaders.