Nigeria lost N16.25trn to crude oil theft in 11 years —NEITI

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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 to 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…



Source: Nigerian Tribune