The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed the decision of the federal government to set up a Special Investigative Panel on Oil Theft and Losses in Nigeria, IgbereTV reports
A statement by NEITI, signed by its Communications and Advocacy lead, Obiageli Onuorah described the decision as bold, courageous and timely given the havoc oil theft has wrecked in oil production and the country’s revenue generation.
The agency’s Oil Theft Investigation Panel disclosed that from its industry reports, Nigeria lost 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion in twelve years from (2009 to 2020).
The losses were reportedly from theft and sabotage, based on information and data provided by an average of eight companies covered by the NEITI processes over the years
