Adewale Sanyaolu and Steve Agbota
An advocacy group in the oil and gas industry, New Nigeria Foundation (NNF) has lamented that Nigeria lost about 17 per cent of the country’s four year budget to crude oil theft.
The group equally disclosed that Nigeria lost about N15 trillion to crude oil theft in four years; 2015 to 2018.
NNF In the latest edition of its Factsheet, “Unboxing Crude Oil Theft In Nigeria,” indicated that in the last four years, Nigeria has lost approximately 43 per cent of recorded revenue to oil theft, which amounts to 17 per cent of the country’s budget for the same period.
According to NNF, the amount lost could have bridged 28.7 per cent of Nigeria’s budget deficit during the period under review, adding that Nigeria is ranked the worst country in the world in terms of crude oil theft.
Speaking at a Dissemination Workshop yesterday, NFF Senior Programme Manager, Chikodi Chiedo, said that crude oil theft is a multi-billion dollar enterprise with a lot of players at various level involved.
She explained that the money lost within the four years could have offset some percentage of the country’s budget deficit, adding that crude oil theft is a national issue that requires collective action from all.