619.7mb Crude Oil Amounting N16.25trn Was Stolen In 12yrs- NEITI

Nigerian Extractive Industry Transparency Initiative (NEITI) has said a whooping 619.7 million barrels of crude oil, valued at $46.16 billion or N16.25 trillion, has reportedly been stolen in the last 12 years by Nigerian elites.

 

Newsonline reports that NEITI’s Head of Communication and Advocacy, Obiageli Onuorah disclosed this in a statement released on Wednesday to journalists.

 

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 destabilized budget and economic plans.

 

“It is 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,” NEITI said.

 

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Guardian reported that a breakdown showed that in 2009, when NEITI commenced reporting of crude oil theft, Nigeria lost 69.49 million barrels, valued at $ 4.31 billion. The figures for 2010, 2011 and 2012 revealed that 28.31 million, 38.61 million and 51.58 million barrels, valued at $2.29 billion, $4.39 billion and $5.82 billion, respectively, were lost.

 

The NEITI oil and gas industry reports for 2013 to 2020 also showed that the losses did not abate as 78.30 million barrels, valued at $8.55 billion, were lost in 2013 alone. 2014 and 2015 witnessed combined losses of 67.29 million barrels, valued at $ 5.57 billion.

 

According to the reports, 2016 recorded the highest losses of 101.05 million barrels, valued at $4.42 billion. The combined value of these losses is 619.7 million barrels amounting to $46.16 billion over a 12-year period.