Tag: NEITI

‘Nigeria’s 8m barrels of crude oil stolen in 2023’ – FG

Aminu Imam
crude oil stolen in 2023' – FG2

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said about 7.68 million barrels of crude oil were either stolen or lost in 2023. Its Executive Secretary, Dr. Orji Ogbonnaya Orji made this statement yesterday, while delivering a keynote speech at the opening of the 3-day Civil Society Roundtable on the ‘EITI Framework’ in Abuja, according ti an issued press statement on Sunday. The NEITI boss, who spoke on the topic: “NEITI’s Mission and the Pivotal Role of Civil Society Organisations (CSOs) in Promoting Transparency, Accountability and Good Governance within Nigeria’s…

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Federal, States, LGs shared ₦10tr in 2023 – NEITI

Aminu Imam

The three tiers of government – the federal, State and local government councils shared the total sum of ₦10.1tn from the Federation Account as statutory revenue allocations in 2023. Contained in the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI) on the Federation Account revenue allocations for the year 2023, its Executive Secretary, Dr. Orji Ogbonnaya, who announced the release of the report at the NEITI House in Abuja, said a breakdown of the revenue receipts showed that the Federal Government received about ₦4trn, representing about 39 per…

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Oil theft costs Nigeria N4.3tr in five years – NEITI 

Aminu Imam

The Federal Government has revealed that over N4.3 trillion worth of crude oil was lost to oil theft in 7,143 pipeline vandalism cases within five years. This startling figure was disclosed at the Nigeria International Pipeline Technology and Security Conference in Abuja, highlighting the severe impact of oil theft on the nation’s economy. In a presentation at the conference, the Nigeria Extractive Industries Transparency Initiative (NEITI), a government agency, painted a grim picture of the oil theft situation, labelling it a “national emergency”. NEITI’s Executive Secretary, Ogbonnaya Orji, emphasised the…

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N16.25tr lost to crude oil theft; $74.386bn spent on fuel subsidy – NEITI

Aminu Imam

Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country. Orji, in a report to the Chairman, House Committee on Public Accounts (PAC), Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386 billion was spent on fuel subsidy by successive administrations since 2011. According to him, the Agency has compiled the actual amount paid as subsidy on a yearly basis. Orji claimed that the compilation was based on data collated and signed-off…

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Nigeria lost N1.96tr to crude oil theft in 2021 – NEITI 

Aminu Imam

Nigeria Extractive Industries Transparency Initiative, (NEITI), says Nigeria lost about N1.96 trillion to oil theft, sabotage and oil production adjustment in 2021.  NEITI, which disclosed this in its recent ‘2021 Oil and Gas Sector Report’, explained that 68.47 million barrels of crude oil were lost in the year under review.  Figures from an international statistical firm, Statistica, showed that the average cost of crude oil in 2021 was $70.86 per barrel. Also, according to data from a global rate monitoring firm, Exchange Rates UK, the average exchange rate of the…

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N16.25tr lost to oil theft from 2009 to 2020 – NEITI

Aminu Imam

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…

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Oil: FG spent N13tr on subsidies in 16 yrs; thieves stole N16tr – NEITI

Aminu Imam

Nigeria has spent over N13 trillion or $74 billion on fuel subsidies in 16 years, which is between 2005 and 2021. The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji, who stated this at a policy dialogue on oil swap in Abuja on Thursday, said the removal of fuel subsidy and full deregulation of the petroleum sector will end oil swaps, which have also failed. He added that an estimated N6trn spending on petrol subsidy between 2022 and June 2023 to the N13trn fuel subsidies cost, the…

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Illegal Export Shipping: $46.16bn lost to oil theft in 12 years – NEITI claims

Aminu Imam

The Nigeria Extractive Industries Transparency Initiative, (NEITI), yesterday backed the decision of the Federal Government to set up Special Investigative Panel on Oil Theft and Losses, claiming that the country has lost 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion in twelve years from (2009 to 2020). NEITI in a statement by the Head, Communications and Advocacy, Obiageli Onuorah in Abuja explained that the losses were from theft and sabotage based on information and data provided by an average of eight companies covered by NEITI…

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77 oil companies owing FG N2.7trillion – NEITI Audit Report

Aminu Imam

The Executive Secretary of Nigeria Extractive Industries Transparency Initiative, (NEITI), says seventy-seven oil companies owe the Federal Government N2.659 trillion. Addressing a press conference in Abuja yesterday, Orji said NEITI’s findings are contained in its 2019 audit reports of the oil and gas sector. The ES said the sum owed the government could fund 46 percent of Nigeria’s 2021 budget deficit of N5.6 trillion. “The NEITI reports based on findings in its 2019 audit reports of the oil and gas sector show that oil and gas companies in Nigeria owe…

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Non-existing office of Buhari’s Chief Economic Adviser allegedly gets N573m in 5 yrs – Report

Aminu Imam

The Office of the Chief Economic Adviser to the President, (OCEAP), got approval for the sum of N573.45 million as capital allocations in the last five years without a clear identity of presidential appointee answerable to the fund’s utilisation, an investigate finding by the ICIR have shown. From the above N573.45 million capital budgets, the Office of the Accountant General of the Federation (OAGF) under the Federal Ministry of Finance, released a total sum of N114.97 million (N114,971,989) to the contentious office for its operations. This literally excludes N12.1 million…

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