N16.25trn Lost To Oil Theft From 2009 To 2020 – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigeria lost about N16.25trn to crude oil theft and sabotage of crude assets between 2009 and 2020.

VerseNews reports that NEITI said the amount lost was as a result of the loss of over 619.7 million barrels of crude oil within this period.

The Executive Secretary of NEITI, Ogbonnaya Orji, who revealed this at a multi-stakeholders roundtable on the approval of the agency’s 2022 industry report also stated that Nigeria spent N13.7 trn on subsidy payments between 2005 and 2021.

He also announced that unlike previous reports that were prepared by foreign companies, the subsequent ones were prepared by two local companies which has helped to increase the capacity of indigenous companies.