Nigeria lost $46.16bn to crude oil theft between 2009 and 2020, while it lost $10.7bn annually to subsidy on Premium Motor Spirit, popularly called petrol, the Energy and Natural Resources subcommittees of the Advisory Council of President Bola Tinubu, has revealed.
“Strip NNPCL of policy making roles and keep NCDMB within its Act mandate. Consider integrating NUPRC, NMDPRA, and NCDMB into a single regulator or include all midstream activities into NUPRC scope.”
The council recommended that the President should enact fiscal enablers for natural gas and deepwater via the Finance Act, and expand stabilisation in the PIA to cover full credit for post FID levies and taxes.Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has called the attention of the Chief of Defence Staff to what it described as economic sabotage, criminal damage and theft through illegal petroleum lifting operations at Bonny River Terminal in Rivers State.
It was titled “Economic sabotage, criminal damage and theft through illegal petroleum lifting operations at Bonny River Terminal,” stating that the international oil firm involved in the illicit act was ExxonMobil.
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