Mr. Ledum Mitee
The Nigeria Extractive Industries Transparency Initiative (NEITI) Monday painted a worrisome picture of the effects of oil theft on Nigerian economy, saying the nation has lost over 136 million barrels of crude oil estimated at $10.9 billion through pilfering and sabotage from 2009 to 2011.
According to the organisation, in addition to the total amount of products and revenue lost to crude oil theft by the country in the upstream sector, about 10 million barrels of products, valued at $894 million, were also lost to pipeline vandalism in the downstream sector within the period under consideration.
It stated that the figure of losses in crude oil theft by the country represents about 7.7 per cent of the total revenue accrued to the federation within the period. NEITI reeled out the figures from its 2009 to 2011 audit report of operations in Nigeria’s oil and gas industry, which it presented in Abuja.
NEITI has for the first time in its audit of Nigeria’s oil and gas sector, delved into identifying the impacts of crude oil theft and pipeline vandalism on the country’s petroleum sector following a rise in the trend.
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