Nigeria lost N1.96trn to crude oil theft in 2021- NEITI

Nigeria Extractive Industries Transparency Initiative, NEITI, says Nigeria lost about N1.96 trillion to oil theft, sabotage and oil production adjustment in 2021.

NEITI disclosed this in its recent 2021 Oil and Gas Sector Report.

Accordingly, it explained that 68.47 million barrels of crude oil were lost in the year under review.

Figures from Statistica, an international statistical firm, showed that the average cost of crude oil in 2021 was $70.86 per barrel.

Also, according to data from Exchange Rates UK, a global rates monitoring firm, the average exchange rate of the dollar against the local currency in 2021 was N403.58/$.

By losing 68.47 million barrels in 2021, the implication is that Nigeria lost about $4.85 billion in 2021.

Under the crude oil production and exports section in the report, NEITI said, “The total volumes of oil and gas production for 2021 were extracted from the NMDPRA (Nigerian Midstream and Downstream Petroleum Regulatory Authority) sign-off documents.

“This document is signed by the production company, NMDPRA and NNPC (Nigerian National Petroleum Company Limited) following the yearly reconciliation of production figures.

“The figures were also reconciled with the companies during the audit. For 2021, 54 companies produced crude oil, resulting in a total metered production of 634.60 million barrels.

“However, 68.47 million barrels was lost to production adjustment, measurement error and theft/sabotage, leaving a balance of 566.13 million barrels as fiscalised production for 2021″.

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