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7.68 million barrels of crude oil stolen in 2023 — NEITI boss - NIGERIAN TRIBUNE
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed alarming figures on oil losses and revenue shortfalls in the country.
Approximately 7.68 million barrels of crude oil were either stolen or lost in 2023, marking a 79% drop from the previous year’s losses. This significant decline is a positive step, but the sheer volume of lost oil remains a concern.
“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,” Orji noted.
In addition to the lost oil, NEITI reported that oil and gas companies owe the federal government $6.071 billion and N66.4 billion in unpaid revenues. This substantial debt includes $6.049 billion and N65.9 billion in unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of August 31.
Furthermore, $21.9 million and N492.8 million in petroleum profit taxes, company income taxes, withholding taxes, and value-added tax (VAT) were due to the Federal Inland Revenue Service (FIRS) by June 2024.
Nigeria’s crude oil production saw a 9.5% increase in 2023, reaching 537.571 million barrels, up from 490.945 million barrels in 2022.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, emphasised the critical role of Civil Society Organizations (CSOs) in promoting transparency and accountability within the extractive industries.
He urged CSOs to focus on significant findings, particularly in environmental protection and revenue collection.
The Nigerian government faces significant challenges in addressing oil losses, revenue shortfalls, and environmental concerns. Efforts to combat corruption and ensure transparency in the oil and gas sector are crucial for the country’s economic growth and development.
