The Nigeria Extractive Industries Transparency Initiative (NEITI) said that between 2009 and 2018, Nigeria lost about $42 billion in crude theft and the loss of domestic and refined petroleum products.

This is released in Abuja on Wednesday, according to the latest edition of NEITI's Policy Brief entitled "Stemming the Growing Cost of Oil Theft to Nigeria."

The NEITI gave a detailed rundown of what the nation had lost, including $38.5 billion in oil robbery alone and $1.6 billion in domestic crude and $1.8 billion in refined petroleum products.

NEITI also stated that Nigeria loses an average of $11 million daily, $349 million in a month and about $4.2 billion annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.

These loses were blamed on the failure of the Nigerian government to adopt the oil fingerprinting technology as well as the lack of qualitative metering instruments at the various facilities across the country.

The report states that oil theft, pipeline vandalism and other criminal activities have deeply affected the lives of people living within the environments where oil facilities are mounted.

In recommending solutions to oil theft across Nigeria, NEITI said adequate legal sanctions should be handed anyone found wanting or involved in oil theft and other oil related crimes.

Deployment of modern technology to tackle oil leakages was also proffered.

Source: Channels