According to the Advisory Council of President Bola Tinubu’s Energy and Natural Resources subcommittees, Nigeria suffered a staggering loss of $46.16bn due to crude oil theft between 2009 and 2020, along with an annual loss of $10.7bn due to petrol subsidy.

The Policy Advisory Council Report, prepared during Tinubu’s presidency, highlighted the cumulative loss of $56.86bn.

The report also mentioned the absence of the Petroleum Industry Act (PIA), which resulted in the loss of $70bn worth of investments in the petroleum industry since 2011.

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Nigeria’s revenue-to-Gross Domestic Product (GDP) ratio was ranked among the five lowest globally at only 7%.

The report emphasized the need to address governance, regulatory concerns, and insecurity in oil-producing states.

It also outlined targets for the President’s first 100 days and suggested measures to be implemented within 18 to 24 months.

In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority raised concerns about illegal petroleum lifting operations at Bonny River Terminal, alleging economic sabotage and theft by an international oil company, ExxonMobil.