The Nigeria Extractive Industries Transparency Initiative (NEITI’s) Executive Secretary, Dr. Orji Ogbonnaya Orji, has disclosed that about 7.68 million barrels of crude oil were either stolen or lost in 2023.
According to a press statement issued by NEITI on Sunday, 3 November, 2024, Orji made this statement while delivering a keynote speech at the opening of the three-day Civil Society Roundtable on the EITI Framework in Abuja.
NEITI boss spoke on the topic: “NEITI’s Mission and the Pivotal Role of Civil Society Organisations (CSOs) in Promoting Transparency, Accountability and Good Governance within Nigeria’s Extractive Sectors”
Orji noted that a NEITI “Report revealed that in 2023, about 7.68 million barrels of crude oil were either stolen or lost, a 79% drop compared to the figure recorded in 2022.”
He encouraged CSOs to monitor the government’s strategies to combat oil theft and advocate for stronger environmental protections.
Regarding revenue losses and underreporting, Orji said the report disclosed that outstanding collectible revenues due to the federal government amounted to over $6.071 billion and ₦66.4 billion.
He added that CSOs must advocate for improved revenue collection mechanisms to ensure that the full value of Nigeria’s oil resources benefits the nation.
On the fuel subsidy removal and deregulation policy in the downstream petroleum sector, Orji urged CSOs to ensure that the government’s transition plan is transparent and that subsidy savings are channeled into development projects.
