The Nigeria Extractive Industries Transparency Initiative (NEITI) on Wednesday said, Nigeria lost over 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion from 2009 to 2020 from theft and sabotage, amounting to losing over 140,000 barrels of crude valued at $10.7 million daily.
It added that the total revenue earnings of $741.48 billion to the government came from the oil and gas sector and N635.3 billion from the solid minerals sector between 1999-2020 and 2006-2020 respectively.
This was revealed when it held a stakeholders’ roundtable for the final approval of the 2021 Industry Oil, Gas and Solid Minerals Reports before their release to the public.
At the forum in Abuja, the executive secretary of the organisation, Dr. Ogbonnaya Orji, noted that, in the absence of a board, the meeting was to get the nod of other stakeholders after the independent administrators submitted the documents.
The global Extractive Industries Transparency Initiative (EITI) Standard which provides guidance for NEITI’s operations, requires that the Multi Stakeholders Group (MSG) which oversees the EITI reporting process and implementation in countries approve the industry reports produced before they are released to the public.
