Nigeria may lose $23bn to oil theft in 2023, says security adviser

The National Security Adviser to the President, Maj-Gen Babagana Monguno has said the federal government may lose $23 billion in 2023 if crude oil theft continues.

He said this on Tuesday during the inauguration of a special investigation panel set up to check crude oil theft in the country.

Monguno expressed worries that the country currently produces one million barrels of crude oil per day as against the two million barrels daily target by the Organisation of Petroleum Exporting Countries.

Lamenting the poor revenue accruing from the oil sector, he charged members of the committee to work towards reducing the menace.

The committee is expected to submit its report by February 21, 2023.

The issue of oil theft has remained a source of concern to the government, with huge revenue diverted to the pockets of the perpetrators.

The Nigerian National Petroleum Company had raised alarm over the level of revenue loss to oil theft.