Nigeria may lose $12bn in 2013 due to Oil theft

Revenue earned by Nigeria this year may be as much as $12 billion short of budget estimates as theft of crude and output disruptions persist in the oil-rich Niger River delta, Finance Minister Ngozi Okonjo-Iweala said. The government will draw down its oil savings in the Excess Crude Account to compensate for the drop in revenue to keep the budget deficit under control, Okonjo-Iweala said in an interview with Bloomberg in Abuja. –

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