Nigeria Oil loses estimately 600m barrels of crude oil in 11-years – NEITI

Nigeria Extractive Industries Transparency Initiative, (NEITI), says the country lost about 600 million barrels of crude oil valued at $46bn from 2009 to 2020.

The disclosure was made by the Executive Secretary of the Agency Dr Orji Ogbonaya Orji while addressing stakeholders’ Roundtable for the review and approval of NEITI 2021 audit reports in Abuja.

He said the losses were as a result of theft and sabotage causing the nation to lose over 140,000 barrels of crude valued at over ten million dollars daily.

“Furthermore, NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequences to the nation.”

Dr Orji also disclosed that ” Nigeria has spent $14.39b which translates to thirteen point seven trillion naira. By these figures, Nigeria expended an average of eight hundred and five billion naira annually, sixty seven billion monthly and two point two billion naira on daily basis”

For yet to be approved 2020-2021 oil, gas and mining reports and the Fiscal allocation and statutory disbursement reports, the Executive Secretary of NEITI Said the reports would cover 69 companies, 12 government agencies and one state owned enterprise for the oil and gas while 1214 companies with three government agencies were covered in the solid minerals sector.

NEITI has conducted 13 reports in the oil and gas sector and 11 cycles in the Solid minerals sector.

The reports indicated total revenue of seven hundred and forty one billion dollars from the oil and gas between 1999 and 2020,and six hundred and thirty five from the Solid Minerals sector from 2006 to 2020.

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