Nigeria lost a staggering 619.7 million barrels of crude oil, worth N16.25 trillion ($46.16 billion), due to crude oil theft between 2009 and 2020.
The Nigerian Extractive Industries Transparency Initiative (NEITI) made this revelation in its latest policy brief titled “The cost of fuel subsidy: A case for policy review”.
The data showed that the volume of crude oil stolen represented a loss of over 140 thousand barrels per day, adding that between 2009 and 2018, the country lost 4.2 billion litres of petroleum products from refineries valued at $1.84 billion.
