By Tony Obiechina, Abuja
Nigeria lost over 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn from 2009 to 2020 to theft and sabotage, the Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji has disclosed.
This is tantamount to losing over 140,000 barrels of crude valued at $10.7m daily.
Orji made the disclosure at a stakeholders’ roundtable organised by the agency in Abuja for the review and approval of NEITI 2021 Audit Reports for the oil, gas and solid minerals sectors.
The latest audit reports were submitted to NEITI by the independent administrators – Messrs Taju Audu & Co, and Amedu Onekpe & Co.
Orji said, “So far, NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector. These reports have disclosed a total revenue earnings to the government of $741.48bn from the oil and gas sector and N635.3bn from the solid minerals sector.
“These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). In addition, NEITI reports have disclosed that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn from 2009 to 2020 from theft and sabotage.
Furthermore, NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequences to the nation.
NEITI boss stated that in these reports, it was revealed that Nigeria had spent $74.39bn, which translates to N13.7tn.
“By the above figures, Nigeria spent an average of N805.7bn annually, N67.1bn monthly or N2.2bn daily, ” he added.
Commenting on the the 2021 NEITI Industry Reports of the oil, gas and mining industries, Orji said they covered a total of 69 companies and 12 government agencies, with one state-owned enterprise for the oil and gas report.
According to him, a total of 1,214 companies with three government agencies were covered in the report of the solid minerals sector.
Orji said, “The objectives of the reports were to establish the quantities of minerals produced and utilised in the country. The reports also sought to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.”
Orji said, “So far, NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector. These reports have disclosed a total revenue earnings to the government of $741.48bn from the oil and gas sector and N635.3bn from the solid minerals sector.
“These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). In addition, NEITI reports have disclosed that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn from 2009 to 2020 from theft and sabotage.
Orji stated that in these reports, it was revealed that Nigeria had spent $74.39bn, which translates to N13.7tn. READ ALSO:
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“By the above figures, Nigeria spent an average of N805.7bn annually, N67.1bn monthly or N2.2bn daily, ” he added.
Commenting on the the 2021 NEITI Industry Reports of the oil, gas and mining industries, Orji said they covered a total of 69 companies and 12 government agencies, with one state-owned enterprise for the oil and gas report.
He said a total of 1,214 companies with three government agencies were covered in the report of the solid minerals sector.
