According to the Nigeria Extractive Industries Transparency Initiative, Nigeria lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion in 12 years, from 2009 to 2020.
It revealed this in a statement released on Thursday night by Obiageli Onuorah, its head of communications and advocacy.
In addition, it applauded the Federal Government’s decision to form a Special Investigative Panel on Oil Theft and Losses in Nigeria, praising it for being timely, brave, and courageous considering the damage the problem has caused to oil production and the nation’s ability to generate income.
Nigeria’s crude oil losses, according to NEITI, were basically from theft and sabotage, according to information and data provided by an average of eight companies covered by NEITI’s process over the years.
A breakdown of the losses showed that in 2009 when NEITI commenced reporting of crude oil theft, Nigeria lost 69.49 million barrels valued at $4.31bn.
The figures for 2010, 2011 and 2012 revealed that 28.31 million, 38.61 million and 51.58 million barrels which were valued at $2.29bn, $4.39bn and $5.82bn were lost respectively.
The NEITI oil and gas industry reports for 2013 to 2020 also showed that the losses to crude oil theft did not abate as 78.30 million barrels valued at $8.55bn was lost in 2013 alone.
2014 and 2015 witnessed combined losses of 67.29 million barrels valued at $5.57bn.
According to the NEITI reports, 2016 recorded the highest losses of 101.05 million barrels that was valued at $4.42bn.
Ogbonnaya Orji Appointed NEITI Boss By Buhari
Between 2017 and 2020, the NEITI reports indicated losses of 36.46 million barrel ($1.99bn) in 2017; 53.281 million barrels ($3.837bn) in 2018; 42.248 million barrels ($2.772bn) in 2019; and 53.056 million barrels ($2.21n) in 2020.
The combined value of these losses was 619.7 million barrels amounting to $46.16bn over a 12-year period.
NEITI lamented that it was regrettable that at a time Nigeria’s economy was 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.
The agency particularly 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 in coordinating the investigations and its wisdom to appoint NEITI in this Special Panel.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.