Tinubu's energy panel discovered that Nigeria lost $56 billion due to oil theft and subsidy

The Energy and Natural Resources subcommittees of President Bola Tinubu's Advisory Council revealed that Nigeria lost $56 billion to oil theft and subsidies between 2009 and 2020.According to the commission, which was formed before President Tinubu was inaugurated, crude oil theft cost $46.16 billion during the review period, while petrol subsidies cost $10.7 billion.Aside from the losses experienced as a result of the issues of oil theft in the petroleum business, the council stated that the lack of the Petroleum business Act - PIA has resulted in losses totaling $70 billion since 2011.The report also highlighted Nigeria’s dwindling economic fortunes with its Gross domestic product ratio which is currently at 7% making it among the five lowest in the world. Part of the report read in part, “Insecurity is a major sector challenge. $46.16bn was lost to crude oil theft between 2009 and 2020. $10.70bn lost annually to PMS subsidy and inefficiencies associated with the purchase, distribution, and sale of PMS. “Governance and regulatory concerns have eroded investor confidence, diverting private capital needed for the development of critical oil and gas infrastructure.” The panel also advised the new President to fix some very important aspects of the country's economy separating them into zero - 100 days target and 18 - 24 months targets.