Oil Theft: Jonathan says Nigeria is losing over ₦1b daily

Nigeria is currently losing between 60,000 and 80,000 barrels of crude oil to theft daily, the Federal Government of Nigeria has said.

The figure, valued at about ₦1.5 billion, was given, yesterday, by the President, Goodluck Ebele Jonathan, who was represented by the Minister of State for Finance, Dr. Yerima Ngama, at the Annual Banking and Finance conference. The themed of the conference was, ‘Upholding professionalism in the financial services industry: Supporting the economy.’

Mr. Jonathan acknowledged that in recent times, the oil sector had brought about nothing but serious shocks to the economy. “The oil sector brought in some new shocks that we never thought could be shocks; things like oil bunkering and oil theft. When these shocks happen, they shut down the entire system.”