Nigeria loses between $7 billion and $12 billion to crude oil theft annually, a study by the Nigeria Natural Resource Charter (NNRC) has found, prompting reactions from stakeholders on the implications for the country’s critical sectors like health and education. Speaking at a seminar on advocacy against crude oil theft, the Managing Director of New Nigeria Foundation, organizers of the workshop, Prof. Femi Ajibola, said though there are no exact figures of what the country loses to oil theft, it was clear that the loss is humongous. “What we have lost in one year is much more than 10 times what we have spent on health. If we can reduce what we are losing by just 10 per cent, we can increase our health budget to two times of what we are spending today,” he said. The seminar had in attendance critical government agencies in the oil sector, representatives […]