The Federal Government of Nigeria has declared that the total value of Nigeria’s crude oil stolen between January 2021 and February 2022 is about $3.27bn (representing NGN1.361tn at the official exchange rate of N416.25 to the dollar)
“Average monthly value loss for the period is about $233.99m. The average daily value loss for the period is about $7.72m. The total value loss for the period January 2021 to February 2022 is about $3.27bn. Losses are mainly from Bonny Terminal Network, Forcados Terminal Network (and) Brass Terminal Network. About 91 percent of total crude produced at the Bonny Terminal was stolen in January 2022” said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
International Oil Companies (IOCs) and their counterparts have called for a quick solution to the massive oil theft situation, stressing that the development posed a serious threat to their existence.