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NEITI Alleges Oil Worth $42bn Stolen in 10 Years
Crude oil and refined products worth $41.9bn were stolen from Nigeria in the last 10 years, the Nigeria Extractive Industries Initiative has said.
NEITI also urged the government to embrace oil fingerprinting 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.
It said these in a policy brief released in Abuja on Wednesday.
A breakdown by the organisation showed that the nation lost $38.5bn on crude theft alone, $1.56bn on domestic crude and another $1.8bn on refined petroleum products between 2009 and 2018.
NEITI expressed concerns that in the face of current dwindling revenues, paying priority attention to curb oil theft in the country’s oil and gas industry had become both necessary and urgent to expand revenue generation.
The report further disclosed that Nigeria lost an average of $11m daily, which translated to $349m in a month and about $4.2bn annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.
It said, “While figures from government put the loss at between 150,000 and 250,000 barrels per day, data from private studies estimated the figure to be between 200,000 and 400,000bpd.
“This implies that Nigeria may be losing up to a fifth of its daily crude oil production to oil thieves and pipeline vandals.”
On comparative analysis of the size and implication of the losses to the country’s current dwindling revenue profile, NEITI renewed its appeal to the government to curb oil theft to reduce budget deficits and external borrowing.
The transparency agency stated that the value of crude oil and allied products so far lost was equal to the size of Nigeria’s entire foreign reserves.
“Stemming this haemorrhage and leakages should be an urgent priority for Nigeria at a time of dwindling revenues and increasing needs,” the report stated.
According to the NEITI report, what the country lost in 20 months in fiscal terms was enough to finance the proposed budget deficit for 2020.
It said that what the nation lost in 15 months would be enough to cover total the proposed borrowing or increased capital budget by 100 per cent.
NEITI added “In terms of volume, 138.000 barrels of crude oil was lost every day for the past 10 years, representing seven per cent of average production of two million bpd.
“Nigeria lost more than 505 million barrels of crude oil and 4.2 billion litres of petroleum products between 2009 and 2018.
“What is stolen, spilled or shut-in represents lost revenue, which ultimately translates to services that government cannot provide for citizens already in dire need of critical public goods.”
The report further identified other effects of oil theft to the nation to include pipeline vandalism, criminal sabotage and illegal refineries in oil producing communities.
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Aftermath of Visa Revocation: Trump, a Petty-minded Dictator, Soyinka Knocks U.S President
Nobel Laureate, Prof. Wole Soyinka, has sensationally described U.S. President Donald Trump as a “petty-minded dictator” whose rise to power fuelled hate-driven violence and worsened racial tensions in the United States.
Speaking in an interview with BBC News Pidgin on Facebook on Wednesday, Soyinka said Trump’s presidency exposed the “dark side” of America and emboldened acts of hatred, particularly against minorities.
“This is a petty-minded dictator. You see how he deals with his objects of hate,” Soyinka said, barely two weeks after the Trump administration announced permanent revocation of his entry visa to the country.
“We saw that dark side of the American side. There were more killings, extrajudicial killings by the police of black people, of minorities, during that build-up, during the campaign, and on account of hate rhetoric, the hate rhetoric of this individual,” he added.
The Nobel Laureate noted that Trump’s campaign rhetoric normalised hate speech and created a climate of intolerance that had lasting consequences.
Soyinka recalled that he had earlier warned about Trump’s leadership style, predicting that one of his first actions as president would be to target immigrants.
“I saw it and I said, listen very carefully, and you can go and check this, I said, ‘When that man comes to power, the first thing he will do is cancel even the green cards’,” he said.
The literary icon, who has often criticised authoritarian tendencies in global politics, maintained that Trump’s administration reflected a deep moral and cultural decline within American society, particularly in its treatment of minorities.
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Alleged Genocide: Approach Nigeria’s Security Situation with Understanding, FG Tells Trump
The Federal government has again urged United States President, Donald Trump, to demonstrate understanding in his approach to Nigeria’s security challenges.
The Minister of Information and National Orientation, Mohammed Idris, made the call during a press briefing on Wednesday in Abuja, days after Trump threatened military action against Nigeria over what he claimed is a genocide against Christians in the country.
“We call on our American friends and partners to approach the Nigerian situation with an understanding of its complex realities. Nigeria is a vast, multi-ethnic, multi-religious nation, making significant strides in economic reforms and strengthening its security architecture.
“We believe constructive engagement is the surest and most effective way to achieve peace and stability not only in Nigeria but in any part of the world.
“Nigeria welcomes dialogue, we welcome cooperation, and we also welcome support from foreign nations, including the United States of America, in addressing our shared security concerns,” the minister said.
Idris reiterated the current administration’s commitment to tackling the menace of terrorism, banditry, kidnapping, and other violent crimes in the country.
The minister maintained that the Federal government was winning the war against terrorism with major achievements recorded in the North-Eastern part of the country.
“In March this year, a report by the Global Terrorism Index indicated that terrorist attacks were at their lowest in over a decade in Nigeria. The Nigerian government did not say this; it is the international community that has given out this information,” he stated.
“In the last eight months, the Nigerian military has neutralised over 592 terrorists in Borno State alone. Many of them have been sent to their onward beyond.
“Over 11,200 hostages have been freed, and this is still going on. More importantly, over 124 insurgents and their families have surrendered. They have handed over more than 11,000 weapons to the security agencies,” Idris added.
According to the minister, the current administration has made multi-million dollar investments in modernised equipment for security agencies.
Noting that President Bola Tinubu has always supported the nation’s armed forces, Idris said the Commander-in-Chief has increased the budgetary allocation for the military.
He explained that Tinubu has demonstrated the political will to root out terrorism, rampaging bandits, and other criminal elements terrorising Nigerians.
The minister also highlighted military operations in the North-West region of the country, saying that the onslaught against criminals had led to the surrender of bandits in the region.
Idris cited cases where notorious bandit leaders had been eliminated by military strikes in Niger and Zamfara states.
“In the North-West, especially in Zamfara and Kaduna, 11,250 hostages have been freed, and some of the terror leaders that have made life very unbearable for people there have been neutralised.
“They include Ali Kachalla, Boderi, Halilu Sububu, and many others. All these have been sent to where they belong. Only this August, the military intercepted and killed in one operation over 400 armed bandits who had converged to attack a village in Zamfara State,” he stated.
Last Friday, Trump said Christianity faces an existential threat in Nigeria, describing the alleged killing as a “mass slaughter”.
“Christianity is facing an existential threat in Nigeria. Thousands of Christians are being killed. Radical Islamists are responsible for this mass slaughter,” he wrote.
The US president added that the United States “cannot stand by while such atrocities are happening” and directed Congressman Riley Moore and House Appropriations Chairman Tom Cole to investigate the matter.
“I am hereby making Nigeria a ‘country of particular concern.’ But that is the least of it. When Christians, or any such group, is slaughtered like is happening in Nigeria (3,100 versus 4,476 Worldwide), something must be done!
“I am asking Congressman Riley Moore, together with Chairman Tom Cole and the House Appropriations Committee, to immediately look into this matter and report back to me.
“The United States cannot stand by while such atrocities are happening in Nigeria and numerous other Countries. We stand ready, willing, and able to save our Great Christian population around the World!” Trump wrote.
Secretary of State, Marco Rubio, is putting Nigeria back on the watchlist, reversing a Joe Biden-era policy due to the extermination of Christians, Fox News reports.
The US President, Donald Trump, on Friday, ordered the designation of Nigeria as a Country of Particular Concern, saying that Christians in Nigeria are facing an existential threat. He also called on American lawmakers to investigate the mass slaughter.
A day later, Trump revealed that he had ordered the Pentagon to prepare for possible action in Nigeria as he continued accusing the Federal Government of violence against Christians.
Trump, who posted a statement on his social media handle, said that if the Nigerian government continues to allow the killing of Christians, US troops will be ordered to enter Nigeria and wipe out terrorists.
He said: “If the Nigerian Government continues to allow the killing of Christians, the U.S.A. will immediately stop all aid and assistance to Nigeria, and may very well go into that now disgraced country, “guns-a-blazing,” to completely wipe out the Islamic Terrorists who are committing these horrible atrocities.
”I am hereby instructing our Department of War to prepare for possible action. If we attack, it will be fast, vicious, and sweet, just like the terrorist thugs attack our cherished Christians! Warning: The Nigerian government better move fast!”
However, Fox News is now reporting that Trump’s directive has been carried out as Rubio is putting Nigeria back on the watchlist.
Source: Fox News
