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Dr Orji Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), disclosed that an estimated 7.68 million barrels of crude oil were either stolen or lost in 2023.
This information was shared during his keynote address at the Civil Society Roundtable on the EITI Framework held in Abuja, according to a statement by NEITI on Sunday.
Speaking on “NEITI’s Mission and the Role of Civil Society Organisations (CSOs) in Promoting Transparency and Good Governance in Nigeria’s Extractive Sectors,” Dr Orji noted that this figure marks a 79% reduction compared to 2022.
He called on CSOs to actively oversee the government’s efforts to combat oil theft and to push for stronger environmental protections.
The NEITI report also highlighted significant revenue losses, with over $6.071 billion and ₦66.4 billion in outstanding collectable funds due to the federal government.
Dr. Orji urged CSOs to support improvements in revenue collection to maximize the nation’s oil resource benefits.
On the recent fuel subsidy removal and deregulation in the downstream petroleum sector, Dr Orji encouraged CSOs to ensure that the transition plan remains transparent and that funds saved from subsidy cuts are invested in development projects.