The Nigeria Extractive Industries Transparency Initiative (NEITI) in its latest report has revealed that Nigeria lost 42.25 million barrels of crude oil valued at $2.77 billion to oil theft in 2019.
The disclosure is contained in the report on oil and gas presented to the media and civil society organizations by George Abiye, the Assistant Director, Oil and Gas, NEITI, on Tuesday, July 13, 2021, in Lagos, according to a report by the News Agency of Nigeria (NAN).
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According to the report, Nigeria earned $34.22 billion from the oil and gas sector in 2019, a 4.88% increase over the $32.63 billion realized in 2018.
It also stated that the losses were incurred by companies that conveyed crude volumes through pipelines that were easily compromised by saboteurs.
