NEITI Says Nigeria Lost 619.7 Million Barrels Of Oil In 12 Years

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The Country lost N619.7 million barrels of oil to crude theft for 12 years says the  Nigerian Extractives Industry Transparency Initiative (NEITI). 

Dr.Oriji Ogbonnaya, the secretary of the Nigeria Extractives industry, made it known during the meeting on the utilization of Beneficial Ownership Data in the fight Against Corruption in Nigeria. The meeting was done in Abuja yesterday.

Dr.Oriji emphasized the policy dialogue that, the country has lost a lot to crude oil theft which made him call on civil society to sustain it.

He said “The NEITI policy brief on crude oil theft and data pulled from NEITI industry reports of the oil and gas sector showed that between 2009 and 2020 (12 years), Nigeria lost 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion. The volume of crude oil losses represents a loss of more than 140 thousand barrels per day.

“Between 2009 and 2018, Nigeria also lost 4.2 billion liters of petroleum products from refineries valued at $1.84 billion. These findings and recommendations on tackling crude oil theft have been submitted to the President through the Presidential Committee on Crude Oil Theft in which NEITI also served as a member.

“The committee has concluded its work and submitted its report to the President. The Committee did an excellent job with far-reaching recommendations. I will like to commend the office of the NSA that coordinated that Panel’s work.”

Speaking on how to sustain the advocacy, the Secretary of NEITI, Dr. Oriji said that civil society needs to urgently target issues in the oil and gas sector, so they can advocate and set an agenda for the next administration.

According to the new report, the Nigeria Extractives Industry has made up its mind to erase crude oil theft.

NEITI’s commitment to eradicate crude oil theft.NNPCL was given applause for putting an end to crude oil theft.

To ensure the development of oil and gas infrastructure in the oil-producing state and to create employment for the populace in Niger Delta the Federal Government should ensure that there is success in the oil and gas industrial park in Niger Delta

Concerning the meeting held in collaboration with Policy Alert the secretary of Nigeria's Extractives Industry, Dr. Oriji said, has an overall goal to enable governments, companies, and civil society can evaluate the issue of oil swaps and proffer evidence-based policy recommendations for the incoming administration on efficient and effective management of the country’s resources.

Speaking on the new report, the transparency of Nigeria's oil and gas was pushed by NEITI.

“The work of NEITI has opened a sector previously renowned for opacity. NEITI’s work has also resulted in the recovery of revenues of over $3 billion for the country and the introduction of several reforms in the still-strategic oil and gas sector.

According to the Nigeria Extractives Industry Transparency Initiatives, Nigeria’s oil and gas industry is prepared to attract much foreign investment.

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