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Nigeria Lost N16.25 Trillion Worth of Crude to Elite Thieves in 12 Years


In the last 12 years, about 619.7 million barrels of crude oil, valued at about N16.25 trillion was lost by the Nigeria state to its elite thieves.

In a statement signed recently by the Nigerian Extractive Industry Transparency Initiative (NEITI) Head, Communications and Advocacy, ObiageliOnuorah, the organization assured that it would support move by the Federal Government to investigate crude oil theft in the country.

According to the statement,‘’the development has worsened the nation’s crude oil output and destabilized budget and economic plans,’’ adding that,‘’information and data provided by an average of eight companies, the losses occurred from 2009 to 2020.’’

The statement says when NEITI commenced reporting of crude oil theft in 2009, a beakdown shows that Nigeria lost 69.49 million barrels, valued at $4.31billion. The figures for 2010, 2011 and 2012 revealed that 28.31million, 38.61 million and 51.58 million barrels, valued at $2.29 billion, $4.39 billion and $5.82 billion, respectively, were lost.

The NEITI oil and gas industry reports for 2013 to 2020 also showed that the losses did not abate as 78.30 million barrels, valued at $8.55 billion, were lost in 2013 alone. 2014 and 2015 witnessed combined losses of 67.29 million barrels, valued at $5.57billion.

‘’ 2016 recorded the highest losses of 101.05 million barrels, valued at $4.42 billion. The combined value of these losses is 619.7 million barrels amounting to $46.16 billion over a 12-year period.

“It is regrettable that at a time Nigeria’s economy is largely dependent on oil revenues, some Nigerians would choose to collude with foreign nationals to steal and sabotage the main sources of revenue for the federation,” NEITI said.

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