SHOCKING! 3.8 Trillion Naira Lost To Crude Oil Theft In 2016
Crude oil theft appears to be very much around.
On Tuesday, the Nigeria Natural Resource Charter, NNRC revealed findings of its latest report on crude oil theft.
It was shocking how much crude oil is still being stolen.
The report revealed that Nigeria lost about 3.8 trillion naira because of crude oil theft two years ago, which was under the current administration of President Muhammadu Buhari.
One would have thought that crude oil theft ended with administration of former President Goodluck Jonathan when former Minister of Finance, Ngozi Okonjo-Iweala launched a war against the menace.
The report also stated that the estimated value of the total losses suffered by Nigeria through the various methods of crude oil theft in the Niger Delta was higher than the current combined allocations for health and education as captured in the 2018 budget.
The NNRC is a non-governmental organisation that provides policy options to guide governments and societies in their use of natural resources to ensure maximum and sustainable returns for the citizens.
“The combined allocations for health and education amount to 189.4 billion naira, which translates to a mere 8.4% of the estimated value of losses from oil theft two years ago,” the organisation said.
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