Nigeria’s elite stole N16.25 trillion crude oil in 12 years, says NEITI — Nigeria — The Guardian Nigeria News – Nigeria and World News


About 619.7 million barrels of crude oil, valued at $46.16 billion or N16.25 trillion, have been stolen in the last 12 years, Nigerian Extractive Industry Transparency Initiative (NEITI) has said.
NEITI disclosed this, yesterday, in a statement signed by its Head, Communications and Advocacy, Obiageli Onuorah.

Separately, Nigerian National Petroleum Company Limited (NNPCL) and other stakeholders had described crude oil theft in the country as an organised crime perpetrated by the elite.

NEITI said it would support move by the Federal Government to investigate crude oil theft in the country, adding that the development has worsened the nation’s crude oil output and destabilised budget and economic plans.

According to information and data provided by an average of eight companies, the losses occurred from 2009 to 2020.

A breakdown shows that in 2009, when NEITI commenced reporting of crude oil theft, Nigeria lost 69.49 million barrels, valued at $4.31billion. The figures for…

Source: Guardian Newspaper