The National Security Adviser, Major General Babagana Monguno (retd.), has inaugurated an 11-man Special Investigative Panel to look into cases of oil theft and oil losses in the country.
The panel is chaired by the Interim Administrator of the Presidential Amnesty Programme, Major General, Barry Ndiomu, with Mr David Attah as Secretary.
Speaking during the inauguration in Abuja on Tuesday, Monguno said Nigeria was currently facing a monumental loss of revenue that ought to have accrued from the sale of crude oil, being the main source of its foreign exchange earnings.
He said the alarming rate of vandalism and theft of crude oil had led to a significant decline in production, which has impacted the nation’s revenue.
He added that the country’s current crude production struggles to meet even one million barrels per day, adding that recent interventions by the security agencies had revealed massive illicit platforms of stealing ranging.
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