NEITI: 619.7m Barrels of Crude Oil Valued at N16.25trn Lost to Theft, Sabotage in 12 Years


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Emmanuel Addeh in Abuja

As the federal government continues to search for a lasting solution to the bleeding in the oil sector, the Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday revealed that in the period spanning between 2009 and 2020, Nigeria lost as much as 619.7 million barrels of crude oil valued at N16.25 trillion to oil theft.

In a statement signed by the organisation’s Head, Communications and Advocacy, Obiageli Onuorah in Abuja, NEITI also welcomed the decision of the federal government to set up a special investigative panel on oil theft and losses in Nigeria.

To underscore the seriousness of the oil theft investigation panel, the Dr. Ogbonnaya Orji-led NEITI disclosed that from its industry reports, Nigeria had lost 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion in 12 years from 2009 to 2020.

The losses were from…

Source: Thisday Newspaper