shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Nigeria’s Elite Stole N16.25 Trillion Crude Oil In 12 Years – NEITI

Nigeria’s Elite Stole N16.25 Trillion Crude Oil In 12 Years – NEITI

by Joshua
December 15, 2022
in Featured, News

About 619.7 million barrels of crude oil, valued at about N16.25 trillion have been stolen in the last 12 years, the Nigerian Extractive Industry Transparency Initiative (NEITI) has said.

Obiageli Onuorah. NEITI

NEITI disclosed this on Wednesday, in a statement signed by its Head, Communications and Advocacy, Obiageli Onuorah.

NEITI however assured that it would support move by the Federal Government to investigate crude oil theft in the country, adding that the development has worsened the nation’s crude oil output and destabilised budget and economic plans.

According to information and data provided by an average of eight companies, the losses occurred from 2009 to 2020.

A breakdown shows that in 2009, when NEITI commenced reporting of crude oil theft, 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.

Read Also:  Afreximbank, U.S. Eximbank Sign Mou To Boost Trade, Investment

According to the reports, 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.

shippingposition

Kindly like us on Facebook/twitter


Tags: NEITI

Related Posts

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025
Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

July 12, 2025

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition