Report indicts Nigeria as the country most plagued by oil theft in the world
A report commissioned by the Nigeria Natural Resource Charter (NNRC), has indicated that Nigeria lost a whooping N995 billion to oil theft in 2017 alone.
The NNRC is a non-governmental organisation that provides policy options to guide governments in their use of natural resources for maximum and sustained returns for citizens.
According to the report, released by Analyst Dawn Dimowo, the total losses suffered by Nigeria through the various methods by which oil is stolen from the Niger Delta is higher than the current combined allocations for health and education in the 2018 budget.
“The Nigerian government passed a record budget of N9.12 trillion for 2018 with a revenue target of N7.2 trillion most of which it aims to achieve from the petroleum sector… At a time when the country has just exited a recession and the economy remains fragile. With national debt on the rise, reducing oil theft should clearly be an urgent national priority.
“As the stakes get higher over time and with global oil prices rising above $100 a barrel in the early 2000s, oil theft evolved into a cottage industry, creating consequential socio-economic problems.
“Over the last decade, oil theft has risen to unprecedented levels, peaking between 2011 and 2014. The inability of the government and oil companies to curb this epidemic has made Nigeria the country most plagued by oil theft in the world,” the report said.