In the last twelve years, Nigeria has lost over 619.7 million barrels of crude oil valued at N16.25 trillion ($46.16 billion), the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed.
This was made known by the organisation’s head of communications and advocacy, Obiageli Onuorah, in a statement she signed in Abuja, the Federal Capital Territory.
The agency also welcomed the decision of the federal government to set up a special investigative panel on oil theft and losses in Nigeria.
The losses were caused by theft and sabotage, according to the organisation, based on information and data provided by an average of eight companies covered by NEITI’s process over the years.
Nigeria lost 69.49 million barrels worth $4.31 billion in 2009, 28.31 million barrels worth $2.29 billion in 2010, 38.61 million barrels $4.39 billion in 2011, and 51.58 million barrels worth $5.82 billion in 2012.
According to NEITI, 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 was lost in 2013 alone.
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NEITI said Nigeria experienced losses of up to 67.29 million barrels worth $5.57 billion in 2014 and 2015, with the highest losses of 101.05 million barrels worth $4.42 billion in 2016.
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.
“The combined value of these losses is 619.7 million barrels amounting to $46.16 billion over a 12-year period,” NEITI said.
It described the decision to form a panel as bold, courageous, and timely, given how oil theft has wreaked havoc on oil production and Nigeria’s revenue, plunging the country into unprecedented debts.
NEITI expressed regret that some Nigerians collude with foreign nationals to steal and sabotage the federation’s main sources of revenue.
“It is 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,” NEITI said.
It stated that it would seek technical assistance from the 57 member countries of the global Extractive Industries Transparency Initiative (EITI) as needed to assist the investigative panel in addressing the international dimension of oil theft.
“NEITI strongly believes that the special investigative panel on Glencore bribery scandal will fast-track the investigations towards apprehending the culprits in view of the huge implications to the country’s investment drive and global image,” the statement added.