FG Raises Alarm Over Increased Oil Theft

The Federal Government says the increased and more daring activities of oil thieves as well as on going repair and maintenance works on some pipelines have led to a sharp drop in Nigeria’s crude oil production to about 2.2 million barrels per day. Minister of Finance, Ngozi Okonjo-Iweala who disclosed this on the sidelines of the World Bank/IMF Spring Meetings in Washington DC, USA said the drop has led to the loss of about 160 billion naira monthly in revenue.