NEITI reveals yearly losses of N16.25 trillion worth of crude oil in Nigeria

Nigeria lost 619.7 million barrels of crude oil worth $46.16 billion, or N16.25 trillion, in 12 years, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

Between 2009 and 2020, records from an average of eight oil firms were used by NEITI to calculate the loss, with 2016 marking the largest crude loss.
Obiageli Onuorah, the NEITI’s head of communications and advocacy, said in a statement on Wednesday that oil theft or sabotage are primarily to blame for Nigeria’s lost crude.

It was gathered that 69.49 million barrels valued at $4.31 billion were lost in 2009, but the volume dropped in 2010, as 28.31 million barrels worth $2.29 billion was lost.

The year after, the stolen barrels increased to 38.61 million, valued at $4.39 billion, and 51.58 million barrels worth $5.82 billion were stolen in 2012.

Oil theft continued the next year, as NEITI pegged the stolen volume at 78.30 million barrels valued at $8.55bn in 2013, but the volume declined in 2014 and 2015, with a combined 67.29 million barrels valued at $5.57 billion stolen.

However, oil theft significantly increased in 2016, with 101.05 million barrels, worth $4.42 billion, lost to oil thieves, before decreasing again in 2017, when 36.46 million barrel, valued at $1.99 billion, were lost.

In 2018, 53.281 million barrels, valued at $3.837 billion were stolen, the following year, 42.248 million barrels, which cost $2.772 billion were stolen, and in 2020, oil thieves cart away 53.056 million barrels, worth $2.21 billion.

NEITI disclosed that oil theft is shrinking the revenue of Nigeria, and the perpetrators are Nigerians and foreigners.

Meanwhile, NEITI has been selected among an investigative panel that will probe oil theft in Nigeria, and would also include the Offices of the Secretary to the Government of the Federation and the National Security Adviser.