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.
NEITI said the amount lost was as a result of the loss of over 619.7 million barrels of crude oil within this period.
Ogbonnaya Orji, the Executive Secretary of NEITI, announced this during a multi-stakeholder roundtable on the adoption of the agency’s 2022 industry report. He also stated that Nigeria spent N13.7 trillion on subsidy payments between 2005 and 2021.
He also stated that, in contrast to previous reports, which were generated by foreign firms, the succeeding ones were prepared by two local companies, thereby increasing the capacity of indigenous companies.