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NEITI: $42b lost to oil, products theft

NEITI: $42b lost to oil, products theft

The Nigeria Extractive Industries Transparency Initiative (NEITI) on Wednesday said crude oil and refined product worth $41.9 billion were stolen from the country in the last 10 years.

Its policy brief titled:  Stemming the Increasing Cost of Oil Theft to Nigeria issued in Abuja urged the government to embrace oil finger printing technology, comprehensive metering infrastructure of all facilities, and other creative strategies to combat the growing menace of theft of Nigeria’s crude oil and refined petroleum products.

NEITI said a breakdown showed that the nation lost $38.5billion to crude theft alone, $1.56billion to domestic crude and another $1.8billion on refined petroleum products between 2009 and 2018.

It further expressed concern that in the face of current dwindling revenues, paying attention to curb oil theft in the industry has become both necessary and urgent to expand revenue generation.

The Report further said the country losses an average of $11million daily which translates to $349 million in a month and about $4.2billion annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.

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