Oil Theft: NEITI Backs Federal Govt On Special Investigative Panel Visit

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. 

 A statement by NEITI released yesterday in Abuja describes the decision as bold, courageous, and timely given the havoc oil theft has wrecked in oil production and to the country’s revenue.  

 To underline the seriousness of the Oil Theft Investigation Panel, NEITI revealed from its industry reports that Nigeria has 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 from theft and sabotage, based on information and data provided by an average of eight companies covered by the NEITI process over the years.