Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Nigeria's Buhari worried over large scale crude oil theft

08/19/2022 | 10:59am EDT
FILE PHOTO: Naval officers inspect an illegally-dug oil well at ilashe in Lagos

ABUJA (Reuters) - Nigeria's President Muhammadu Buhari is worried about large scale crude oil theft which is affecting the country's revenue "enormously", he told a group of civil servants during a meeting in Abuja on Friday.

Buhari said Nigeria was unable to meet some of its financial obligations to its citizens due to oil theft, he told government workers requesting a pay increase as a result of double-digit inflation.

"On your request for salary review, I wish to urge you to appreciate the revenue constraints being presently faced by government which is caused mainly by the activities of unscrupulous citizens through the theft of our crude oil, a major contributor to our revenue base," Buhari said.

Nigeria lost $1 billion in revenue during the first quarter of this year due to crude theft, the oil regulator has said.

Crude theft in Nigeria poses an existential threat to the country's oil industry, the local head of Shell has said, resulting in the shutdown of two of its major pipelines.

(Reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by Susan Fenton and Toby Chopra)

By Felix Onuah


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.39% 88.56 Delayed Quote.9.98%
S&P GSCI CRUDE OIL INDEX -0.62% 445.1934 Real-time Quote.8.68%
WTI -0.15% 81.589 Delayed Quote.8.46%
Latest news "Economy & Forex"
09:46pFed's Daly: no U.S. recession needed to defeat high inflation
RE
09:46pToyota president calls meeting California zero-emissions requirements 'difficult'
RE
09:44pVale announces reorganization of Brazil base metals business
RE
09:37p'Pick-your-poison': Wall Street sell-off resumes
RE
09:36pRBC cuts 1% staff in U.S. capital markets division-source
RE
09:30pTSX falls as investors eye financial market volatility
RE
09:28pNike quarterly profit falls as costs soar
RE
09:28pVatican disciplined Nobel-winning bishop over alleged abuse of minors
RE
09:27pUK watchdog contacts banks following huge withdrawal of mortgage deals -FT
RE
09:24pWall Street ends down sharply; investors fret over economy
RE
Latest news "Economy & Forex"