Nigeria loses N433.62bn annually to oil theft

100,000 barrels a day going missing.

Nigeria loses N433.62bn annually to oil theft – Navy

The Nigerian Navy said on Tuesday that the country is losing about 100, 000 barrels of crude oil estimated at N1.18bn everyday to oil thieves who had taken advantage of the poor law enforcement presence on the nation’s territorial waters.

The Chief of Naval Staff,  Rear Admiral Usman Jibrin, who stated this in his presentation while defending the 2015 budget of the Navy before the Senate Committee on Defence (Navy), said the development is making Nigeria to lose N433.62bn annually.

Jibrin,  who was represented by the Chief of Logistics,  Rear Admiral Peter Agba, attributed the source of  his information to Chatham House’ recent disclosure.

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