The Nigeria Extractive Industries Transparency Initiative, (NEITI), says Nigeria lost about N16.25trillion to crude oil theft and sabotage of crude assets between 2009 and 2020.
The Executive Secretary of NEITI, Ogbonnaya Orji, who revealed this at a multi-stakeholders’ roundtable on the approval of the agency’s 2022 industry report, further said the amount lost was as a result of the loss of over 619.7 million barrels of crude oil within this period.
NEITI also stated that Nigeria spent N13.7 trillion on subsidy payments between 2005 and 2021.
Orji also announced that unlike previous reports that were prepared by foreign companies, the subsequent ones were prepared by two local companies which has helped to increase the capacity of indigenous companies.
