Nigeria lost a total of 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion to crude oil theft between 2009 and 2020, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.

This was also as it backed the Federal Government’s decision to set up a Special Investigative Panel on Oil Theft and Losses.

The agency made the disclosure in a statement by the Head, Communications and Advocacy, Obiageli Onuorah in Abuja on Wednesday.

It explained that the losses were from theft and sabotage based on information and data provided by an average of eight companies covered by NEITI process over the years.

In a breakdown, Nigeria in 2009, lost 69.49 million barrels valued at $4.31 billion while in 2010, 2011 and 2012, 28.31million, 38.61million and 51.58 million barrels of crude oil valued at $2.29billion, $4.39 billion and $5.82 billion were lost respectively.

NEITI stated that its 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 $8.55 billion was lost in 2013 alone.

It added that 2014 and 2015 witnessed combined losses of 67.29 million barrels valued at $5.57 billion. 2016 recorded the highest losses of 101.05 million barrels which was valued at $4.42 billion.

Between 2017 & 2020, the NEITI reports indicated losses of 36.46 million barrels ($1.99 billion) in 2017, 53.281 ($3.837 billion) in 2018, 42.248 million barrels ($2.772 billion) in 2019 and 53.056million barrels ($2.21billion) in 2020.

It said: “The combined value of these losses is 619.7 million barrels amounting to $46.16 billion over a twelve-year period.

“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.” (Nigerian Tribune)

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