Nigeria still loses about N3 billion daily to oil thefts

Nigeria still loses about N3 billion daily to oil thefts

Deputy Chairman, House of Representatives Committee on Petroleum (Upstream), Alhaji Moshood Mustapha lamented yesterday that despite enhanced surveillance, Nigeria still loses about N3 billion daily to oil thefts.
Nigeria, according to Mustapha, currently produces 2.48 million barrel per day but loses some 150,000 barrels to oil thieves. When that figure is multiplied by the current price of crude oil at the international market and converted to Nigerian currency using a conservative exchange rate of N150 per dollar, it gives a whopping N2.58 billion loss per day, a development the federal lawmaker said needed to be addressed seriously.
Mustapah,reportedly expressed hope that given the coverage of the Petroleum Industry Bill and the proposed decentralisation of the Nigeria National Petroleum Corporation (NNPC), the rate of oil theft and apparent lack of accurate figures from the corporation will be drastically reduced.
Oilandgaspress.com asks where exactly this money is being spent and by whom.
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