Nigeria Extractive Industries Transparency Initiative (NEITI) has said the country lost 619.7 million barrels of crude oil worth N16.25 trillion ($46.16 billion) from 2009 to 2020.
Gatekeepers News reports that NEITI made this known in a statement signed by its organisation’s Head, Communications and Advocacy, Obiageli Onuorah in Abuja on Wednesday.
The agency also welcomed the decision of the federal government to set up a special investigative panel on oil theft and losses in Nigeria.
NEITI revealed that the losses were from theft and sabotage, based on information and data provided by an average of eight companies covered by its process over the years.
According to the agency, a breakdown of the losses, when NEITI commenced reporting crude oil theft in 2009, showed that Nigeria lost 69.49 million barrels valued at $4.31 billion.
It added that the figures for 2010, 2011, and 2012 revealed that 28.31 million, 38.61 million, and 51.58 million barrels, worth $2.29 billion, $4.39 billion, and $5.82 billion were lost, respectively.
The agency further noted that its oil and gas reports also showed that the losses to crude oil theft did not decline as 78.30 million barrels of oil, valued at $8.55 billion were lost in 2013 alone.
In 2014 and 2015, NEITI noted that Nigeria witnessed losses of up to 67.29 million barrels valued at $5.57 billion, while in 2016, the country recorded the highest losses of 101.05 million barrels, culminating in $4.42 billion.
More so, the reports indicated losses of 36.46 million barrels of oil ($1.99 billion) in 2017; 53.28 million ($3.837 billion) in 2018; 42.248 million barrels ($2.772 billion) in 2019; and 53.056 million barrels ($2.21 billion) in 2020.
NEITI said, “The combined value of these losses is 619.7 million barrels amounting to $46.16 billion over a 12-year period.”
On the setting up of a panel, the agency described the decision as bold, courageous, and timely, given the “havoc” theft has wrecked in oil production and the country’s revenue generation capacity.
NEITI decried that 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.
However, the agency expressed delight over the new collaboration between the offices of the secretary to the government of the federation and that of the national security adviser (NSA) in coordinating the investigations and its wisdom to appoint NEITI in the special panel.
It added that it would seek technical support where necessary from 57 member countries of the global Extractive Industries Transparency Initiative (EITI) to help tackle the international dimension of oil theft in the work of the investigative panel.
