THE Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday in Abuja, said Nigeria lost over $11 billion to crude oil theft and pipeline vandalism between 2009 and 2011.
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The NEITI Chairman, Mr. Ledum Mitee, disclosed this at the public presentation of NEITI Audit reports for the Oil and Gas sector for 2009 to 2011, and the Solid Minerals Sector Audit for 2007-2010.
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The report, which was carried out by NEITI auditors highlighted the transaction and revenue flows between government agencies and international oil companies operating in Nigeria.
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According to the report, more than 136 million barrels of crude oil estimated at $10.9 billion was lost to theft and sabotage during the period in review.
Losing so much money is never a nice thing to happen to anyone. This whole Oil Theft must just stop for this country to develop.