How Nigeria lost N16.25tn crude in 12 years – NEITI

Joy Onuorah
Joy Onuorah

Nigeria Extractive Industries Transparency Initiative, has revealed that the country lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion in 12 years, from 2009 to 2020.

It made this disclosure in a statement released on Thursday night by its head of communications and advocacy, Obiageli Onuorah.

The Federal Government’s decision to create a Special Investigative Panel on Oil Theft and Losses in Nigeria was also applauded, and it was noted as being timely, brave, and courageous considering the havoc the menace has caused in the oil industry and the nation’s ability to generate income.

Based on information and statistics provided by an average of eight enterprises covered by NEITI, Nigeria’s crude oil losses were primarily caused by theft and sabotage.

According to information and data provided by an average of eight firms over the years covered by NEITI’s process, Nigeria’s crude oil losses were primarily the result of theft and sabotage.

Nigeria lost 69.49 million barrels of crude oil worth $4.31 billion in 2009, when NEITI started reporting on crude oil theft, according to a breakdown of the losses.

The numbers for 2010, 2011, and 2012 showed that 28.31 million, 38.61 million, and 51.58 million barrels worth $2.29 billion, $4.39 billion, and $5.82 billion correspondingly were lost.

The NEITI oil and gas industry reports for the years 2013 to 2020 also revealed that losses from crude oil theft did not decrease, with 78.30 million barrels worth $8.55 billion lost in just one year.

The agency specifically expressed satisfaction with the new coordination of the investigations between the Offices of the Secretary to the Government of the Federation and the National Security Adviser, as well as its prudence in including NEITI in this Special Panel.

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