Oil Worth $42bn Stolen In Nigeria Within Nine Years – NEITI

Date:

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that Nigeria lost about $42 billion to crude theft as well as domestic and refined petroleum products losses between 2009 and 2018.

Thank you for reading this post, don't forget to subscribe!

This is according to the latest edition NEITI’s Policy Brief titled “Stemming the Increasing Cost of Oil Theft to Nigeria” published Wednesday in Abuja.

In its brief, the NEITI gave a detailed breakdown of what the nation had lost including $38.5 billion on crude theft alone and $1.6 billion on domestic crude and another $1.8 billion on refined petroleum products.

NEITI also stated that Nigeria loses an average of $11 million daily, $349 million in a month and about $4.2 billion annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.

These loses were blamed on the failure of the Nigerian government to adopt the oil fingerprinting technology as well as the lack of qualitative metering instruments at the various facilities across the country.

The report states that oil theft, pipeline vandalism and other criminal activities have deeply affected the lives of people living within the environments where oil facilities are mounted.

In recommending solutions to oil theft across Nigeria, NEITI said adequate legal sanctions should be handed anyone found wanting or involved in oil theft and other oil related crimes.

Deployment of modern technology to tackle oil leakages was also proffered.

Bisi Adele
Bisi Adelehttps://naija247news.com/
Bisi Adele: Illuminating Stories with Insight and Precision Senior Correspondent | Naija247news.com Overview: Bisi Adele is a seasoned Senior Correspondent at Naija247news.com, renowned for her skillful storytelling and comprehensive coverage of diverse news topics. With a passion for investigative journalism, Bisi navigates the intricate landscapes of current affairs with a commitment to delivering accurate, thought-provoking, and engaging news pieces. Professional Journey: Bisi's journalistic journey is marked by a dedication to uncovering untold stories and providing in-depth analyses. Joining Naija247news.com, she has consistently demonstrated a keen awareness of the pulse of current events, ensuring that her reporting reflects a deep understanding of the socio-political landscape. Areas of Expertise: Specializing in investigative reporting, Bisi Adele is adept at unraveling complex narratives. Her expertise spans a wide range of topics, including politics, social issues, and human-interest stories, making her a versatile and valued Senior Correspondent. Contributions: Bisi's contributions to Naija247news.com go beyond the surface, offering readers nuanced perspectives and insights. Her thought-provoking articles and in-depth analyses contribute significantly to the platform's reputation for reliable and informative news coverage. Educational Background: Bisi holds a degree in Journalism, complemented by continuous learning in investigative reporting techniques. Her educational foundation equips her with the skills needed to delve deep into stories and present them in a compelling manner. Health and Meds Journalism: Adding a unique dimension to her expertise, Bisi collaborates with Akinlabi Bisola, a distinguished health and meds journalist with a deep background in Public Health Education. Akinlabi holds a B.Sc in Health Education and a Masters in Public Health Education. Readers can explore their health-related articles on Akinlabi's website [thelbybisola.com](#). Innovation and Engagement: In an era of evolving media dynamics, Bisi Adele embraces innovation and audience engagement. Leveraging digital platforms and emerging storytelling techniques, she ensures that her stories resonate with a diverse audience, fostering meaningful conversations. Awards and Recognition: Bisi's dedication to journalistic excellence has earned her recognition in the form of awards. Her notable contributions to reporting have not only enriched Naija247news.com but have also left a lasting impact on the journalism landscape. Vision for the Future: Looking ahead, Bisi Adele envisions a future where journalism continues to be a catalyst for positive change. Her commitment to uncovering truth, amplifying unheard voices, and contributing to a more informed society underscores her vision for the evolving landscape of news reporting. Connect with Bisi Adele: - LinkedIn: [Bisi Adele](#) - Twitter: [@BisiAdele_N247](#) In the vibrant world of journalism, Bisi Adele stands as a beacon of journalistic integrity, combining experience, expertise, and a forward-looking vision to illuminate the path of understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

“This entertainment industry is so dark cos people in it are so vile – Actress Uche Ogbodo

March 19, 2024. Azonuchechi Chukwu. Actress Uche Ogbodo has said the...

SSANU begins 7-day warning strike

March 19, 2024. Azonuchechi Chukwu. The Senior Staff Association of Nigerian...

Gunmen kill church general overseer and pastor in Akwa Ibom

March 19, 2024. Azonuchechi Chukwu. Gunmen have killed the founder of...

Police Arrest 16-year-old boy for defiling schoolmate in Port Harcourt

March 19, 2024. Azonuchechi Chukwu. The Rivers State Police Command has...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading