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Nigerian govt says oil thieves became $1bn richer in Q1, 2022

The Federal government has announced that it lost $1 billion in oil revenue to crude oil thieves in the first quarter of 2022, IgbereTV reports

Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission, made this disclosure on Wednesday.

According to him, 141 million barrels of oil were produced in the first quarter of 2022, and only about 132 million barrels were received at export terminals.

β€œThis indicates that over nine million barrels of oil was lost to crude oil theft … this amounts to a loss in government revenue of about $1 billion … in just one quarter,” Komolafe said in a statement.

β€œThis trend poses an existential threat to the oil and gas sector and by extension, the Nigerian economy if not curbed.”

Crude oil theft has increased to a daily average of 108,000 barrels in the first quarter of 2022 from 103,000 barrels in 2021, Komolafe added

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