Nigeria's President Muhammadu Buhari expressed concern on Friday over large-scale crude oil theft, saying it was affecting the country's revenues 'enormously'.
Siphiwe Sibeko/Reuters/ File photo
Nigeria lost $1 billion in revenue during the first quarter of this year due to crude theft, the oil regulator has said. "On your request for a 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 is currently battling to stabilise its ailing currency, to curb surging inflation and boost growth after the economic disruption caused by the Covid-19 pandemic.Buhari also blamed the war in Ukraine for the rise in global food prices and high transportation costs for goods and services.
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