The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that Nigeria suffered losses amounting to approximately N16.25 trillion due to crude oil theft and sabotage of crude assets from 2009 to 2020.
According to NEITI, this substantial loss was attributed to the disappearance of more than 619.7 million barrels of crude oil during this timeframe.
Ogbonnaya Orji, the Executive Secretary of NEITI, disclosed this information during a multi-stakeholders roundtable discussing the approval of the agency’s 2022 industry report. Additionally, Orji highlighted that Nigeria’s expenditure on subsidy payments totaled N13.7 trillion between 2005 and 2021.
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Furthermore, Orji revealed that a shift has occurred in the preparation of the reports. While previous reports were compiled by foreign companies, subsequent ones were handled by two local companies, contributing to the enhancement of indigenous companies’ capabilities.
