Nigeria loses 400,000 barrels of crude daily

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CRUDE OIL price

Speaker of the House of Representatives, Femi Gbajabiamila said on Tuesday that the nation is losing about 400,000 barrels of crude oil daily to crude oil theft.

The Speaker, who said this at a public hearing on crude oil theft, explained that money from crude oil stolen from the country would have been appropriated and used to improve the nation’s educational and health care system.

He drew the attention of the public hearing to similar investigations carried out in the past but lamented that the practice has continued unabated leading to huge financial loss to the country.

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He, however, expressed confidence that the present investigation will go a long way to address the challenge in the sector.

Chairman of the Adhoc Committee and Deputy Leader of the House, Peter Akpatason said the house delayed the investigation as a result of the reluctance of some stakeholders to make available relevant information to aid the work of the committee.