Nigeria Loses 481 Billion Naira To Oil Theft
Nigeria Loses 481 Billion Naira To Oil Theft

Nigeria has lost 22.6 million barrels at oil to the activities of petroleum pipeline vandalism and stealing of crude oil in the first six months of this year.

The quantity lost is estimated at $1.35 billion (N481.95 billion

This was disclosed to State House correspondents by Edo State Governor, Godwin Obaseki, at the end of the National Economic Council meeting chaired by Vice President Yemi Osinbajo.

Edo State Governor, Godwin Obaseki
Edo State Governor, Godwin Obaseki

If the loss is not checked, he said that Nigeria will lose $2.7 billion by the end of the year.

To check the trend, he said his committee recommended to the Council the need to restructure the maintenance and ownership of pipelines in the country.

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The recommendations, he said, also included prosecution of criminals and creation of special court to handle the cases.

According to Obaseki, the Council resolved that the recommendations should be forwarded to President Muhammadu Buhari, who is the Minister of Petroleum.