Nigeria losing $35 million a day from oil theft

Nigeria is losing an estimated $35 million a day from oil theft, according to a report from the energy committee of the on-going National Conference (Confab) on Tuesday.

“At a reported 350,000 bbls (barrels) per day, equivalent to $35 million each day, or roughly a quarter of our annual revenue, government must … bring this racket to a full, final stop,” the committee of the government sponsored conference said.

Delegates from around the country have been meeting in Abuja for the national conference, which was convened by President Goodluck Jonathan in third week of  March with the aim of examining longstanding problems in Africa’s most populous country.