Nigeria loses 13.21m barrels oil in 8 months

The federal government of Nigeria has lost a huge amount of revenue as result of oil theft in the country between January and August this year.

This revelation becomes obvious through the Upstream and Downstream Petroleum Regulatory Commission’s monthly report.

In the report, Nigeria lost about 13.21 million barrels of crude oil with an estimated worth of N603.64bn between January and August this year.

Figures contained in the reports, obtained from the Nigeria Upstream and Downstream Petroleum Regulatory Commission in Abuja on Sunday, indicated that the country’s oil production only increased in two months, but crashed in others.

Total crude oil production (without condensates) in January, for instance, was 43.35 million barrels, but this dropped to 35.22 million barrels in February, indicating a loss of 8.13 million barrels.

It moved up in March, increasing by 3.14 million barrels to close at 38.36 million barrels in the third month of 2022 and likewise in June to 34.75 million barrels.

However, in April, May, July and August, there were downward slope, summing the six months to stand at a cumulative loss of 13.21 million barrels during the review period.