The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigeria lost about N16.25trillion to crude oil theft and sabotage of crude assets between 2009 and 2020.
NEITI said the amount lost resulted from the loss of over 619.7 million barrels of crude oil within this period.
The Executive Secretary of NEITI, Ogbonnaya Orji, who revealed this at a multi-stakeholders roundtable on approving the agency’s 2022 industry report, also stated that Nigeria spent N13.7 trn on subsidy payments between 2005 and 2021.
He also announced that, unlike previous reports that foreign companies prepared, the subsequent ones were prepared by two local companies, which has helped increase indigenous companies’ capacity.
The Nigerian government has taken various steps to address oil theft, including increased surveillance of oil infrastructure, stricter regulations, and crackdowns on illegal refining operations.
However, the issue remains deeply entrenched due to its complex nature and the involvement of robust criminal networks.
