Nigeria Lost N16.25 Trillion To Crude Oil Theft In 11 Years - NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) reports that between 2009 and 2020, Nigeria lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion as a result of crude oil theft.

Additionally, it supported the Federal Government's initiative to form a Special Investigative Panel on Oil Theft and Losses.

Obiageli Onuorah, Head of Communications and Advocacy for the agency, revealed the information in a statement on Wednesday in Abuja.

Based on information and data provided by an average of eight businesses covered by the NEITI process over the years, it was explained that the losses were caused by theft and sabotage.

Nigeria lost 69.49 million barrels of crude oil worth $4.31 billion in 2009, while 28.31 million, 38.61 million, and 51.58 million barrels of crude oil worth $2.29 billion, $4.39 billion, and $5.82 billion were lost in 2010, 2011, and 2012, respectively.

According to NEITI, its statistics on the oil and gas sector for the years 2013 to 2020 also showed that losses from crude oil theft did not decrease, with 78.30 million barrels worth at $8.55 billion lost in 2013 alone.

It also stated that 67.29 million barrels totalling $5.57 billion worth of losses occurred in 2014 and 2015. 2016 was the biggest loss with 101.05 million barrels lost, worth $4.42 billion.

The NEITI reports showed losses between 2017 and 2020 of 36.46 million barrels ($1.99 billion), 53.281 ($3.837 billion), 42.248 million barrels ($2.772 billion), and 53.056 million barrels ($2.21 billion).

It stated: "Over a twelve-year period, the total value of these losses is 619.7 million barrels, or $46.16 billion.

“It was regrettable that at a time Nigeria’s economy is largely dependent on oil revenues, some Nigerians would choose to collude with foreign nationals to steal and sabotage the main sources of revenue for the federation.”