The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country lost revenue to the tune of $1.8 billion as a result of theft of petroleum products from the refineries over a nine year period.
According to the agency, 4.2 billion litres of petroleum products, estimated at 140,000 barrels per day, were lost from the refineries as a result of oil theft between 2009 and 2018.
Executive Secretary of NEITI, Dr Ogbonnaya Orji, stated at the opening ceremony of the 2024 NEITI board retreat/meeting in Lagos.
“Figures contained in our 2009 to 2020 audits have put Nigeria’s losses to crude oil theft over a 12-year period at 619.7 million barrels valued at $46.16bn or N16.25tn. Similarly, between 2009 and 2018, the country also lost 4.2 billion litres of petroleum products from refineries valued at $1.84 billion,” he stated.
He added that these losses and their attendant negative effects on the economy made the previous administration constitute a special panel on oil theft/losses to study the situation.
Orji hinted that NEITI did a report and made recommendations on the ways to stop oil theft in Nigeria, urging the current administration to look into the report and implement the recommendations.
Governor of Lagos State, Babajide Sanwo-Olu, who was represented by the Lagos State Commissioner for Energy, Biodun Ogunleye, said for Nigeria to fully harness its abundant natural resources, there is an urgent need to re-examine the existing laws that vest control over oil and other mineral resources in the Federal Government as well as the exploitation of mineral resources in the country.
