NEITI reveals yearly losses of N16.25 trillion worth of crude oil in Nigeria

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion in 12 years.

NEITI said the loss was based on reports from average eight oil companies between 2009 and 2020, with 2016 recording the highest crude loss.

According to a statement released on Wednesday by NEITI Head of Communications and Advocacy, Obiageli Onuorah, Nigeria’s lost crude is mostly caused by oil theft or sabotage.

Breakdown of the oil theft per year

Ripples Nigeria gathered that 69.49 million barrels valued at $4.31 billion were lost in 2009, but the volume dropped in 2010, as 28.31 million barrels worth $2.29 billion was lost.

The year after, the stolen barrels increased to 38.61 million, valued at $4.39 billion, and 51.58 million barrels worth $5.82 billion were stolen in 2012.

READ ALSO:Nigeria earned $741.4bn from oil and gas in 21 years – NEITI

Oil theft continued the next year, as NEITI pegged the stolen volume at 78.30 million barrels valued at $8.55bn in 2013, but the volume declined in 2014 and 2015, with a combined 67.29 million barrels valued at $5.57 billion stolen.

However, oil theft significantly increased in 2016, with 101.05 million barrels, worth $4.42 billion, lost to oil thieves, before decreasing again in 2017, when 36.46 million barrel, valued at $1.99 billion, were lost.

In 2018, 53.281 million barrels, valued at $3.837 billion were stolen, the following year, 42.248 million barrels, which cost $2.772 billion were stolen, and in 2020, oil thieves cart away 53.056 million barrels, worth $2.21 billion.

What you need to know

NEITI disclosed that oil theft is shrinking the revenue of Nigeria, and the perpetrators are Nigerians and foreigners.

Meanwhile, NEITI has been selected among an investigative panel that will probe oil theft in Nigeria, and would also include the Offices of the Secretary to the Government of the Federation and the National Security Adviser.

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