Nigeria’s Crude Oil Theft Loss

Nigeria’s Economy Bleeds with N995bn Loss Annually to Crude Oil Theft’

By Babatunde Akinsola

A consultant to the Nigeria Natural Resource Charter (NNRC), Mr. Niyi Awodeyi, has disclosed that about N995.2 billion is lost annually due to crude oil theft. Awodeyi, which said the amount was discovered in a recent findings, also estimated that N3.8trillion was lost in 2016.

Awodeyi, who also quotedme a World Bank report stated that 80 per cent of crude oil revenue in Nigeria was in possession of just one percent of the country’s population, stated that the award of security contracts, “gave the actors access to the pipelines”, with surprise increase in crude oil theft.

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