The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion in 12 years.
NEITI said the loss was based on reports from average eight oil companies between 2009 and 2020, with 2016 recording the highest crude loss.
According to a statement released on Wednesday by NEITI Head of Communications and Advocacy, Obiageli Onuorah, Nigeria’s lost crude is mostly caused by oil theft or sabotage.
