Thieves stole Nigeria’s oil worth $2 billion in the first eight months of 2022

According to an investigation by the Nigerian Senate on Tuesday, the country lost more than $2 billion to oil theft in the first eight months of this year.

Large-scale pipeline theft in Nigeria has slowed exports, forced some businesses to stop production, destroyed the nation’s finances, and forced Nigeria to relinquish its position as Africa’s leading oil producer.

The effects of the theft were looked into by an ad hoc committee of the Senate, Nigeria’s upper house of parliament.

In a report that was given to the Senate, its findings revealed that just 66% of the nation’s oil production could be “effectively assured.”

It claimed that the remaining 33% was vulnerable to theft and lost output “due to the third party simple access on land terrain.”

The report stated that between January and August 2022, “the country has lost almost $2 Billion to oil theft, which lost revenue typically would have sustained the country, fiscal deficits, and budget execution.”

According to the Nigerian National Petroleum Company Limited (NNPC Ltd.), output has begun to increase as a result of Nigeria’s coordinated efforts to combat theft, which included contracts with businesses run by former militants.

Source: Oriental News Nigeria.

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