Nigeria Losing Fifth of Revenue to Oil Theft
Nigeria is losing nearly a fifth of its revenues to oil thieves, Finance Minister Ngozi Okonjo-Iweala was quoted as saying in the ThisDay Newspaper.
“Bunkering is an activity we have to stop,” Okonjo-Iweala was quoted as saying. “The (state oil firm) NNPC reported that 17 percent of oil production was lost in April, and this is about one fifth of revenue.”
Royal Dutch Shell has estimated that up to 150,000 barrels of crude are stolen from Nigeria each day, out of production of around 2 million.