Oil Worth $42bn Stolen In Nigeria Within Nine Years – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that Nigeria lost about $42 billion to crude theft as well as domestic and refined petroleum products losses between 2009 and 2018.

This is according to the latest edition NEITI’s Policy Brief titled “Stemming the Increasing Cost of Oil Theft to Nigeria” published Wednesday in Abuja.

In its brief, the NEITI gave a detailed breakdown of what the nation had lost including $38.5 billion on crude theft alone and $1.6 billion on domestic crude and another $1.8 billion on refined petroleum products.

NEITI also stated that Nigeria loses an average of $11 million daily, $349 million in a month and about $4.2 billion annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.

These loses were blamed on the failure of the Nigerian government to adopt the oil fingerprinting technology as well as the lack of qualitative metering instruments at the various facilities across the country.

The report states that oil theft, pipeline vandalism and other criminal activities have deeply affected the lives of people living within the environments where oil facilities are mounted.

In recommending solutions to oil theft across Nigeria, NEITI said adequate legal sanctions should be handed anyone found wanting or involved in oil theft and other oil related crimes.

Deployment of modern technology to tackle oil leakages was also proffered.

Source;Channel's News