N4.3tn worth of crude oil was stolen in 7,143 pipeline vandalism cases within a period of five years.— FG
The Federal Government, on Monday, has revealed that more than N4.3tn worth of crude oil was stolen in 7,143 pipeline vandalism cases within a period of five years.
This was disclosed at the Nigeria International Pipeline Technology and Security Conference in Abuja, which has the theme, “Bolstering Regulations, Technology and Security for Growth.”
The conference was organised by the Pipeline Professionals Association of Nigeria.
According to the Executive Secretary, NEITI, Ogbonnaya Orji, who said oil theft was an emergency that posed serious threat to oil exploration and exploitation with a huge negative consequences on economic growth, business prospects and profit earnings by oil companies.
Based on the agency’s reports, Mr Ogbonnaya said: “NEITI disclosed that in the last five years, 2017 to 2021, Nigeria recorded 7,143 cases of pipeline breakages and deliberate vandalism resulting in crude theft and product losses of 208.639 million barrels valued at $12.74m or N4.325tn”.
“NEITI reports also disclosed that during the same period Nigeria spent N471.493bn to either repair or maintain pipelines.”
He maintained, that from NEITI’s 2021 Oil and Gas Industry Report released in September, the sector accounted for 72.26 per cent of Nigeria’s total export and government’s foreign exchange, 40.55 per cent of government revenue, and provided 19,171 jobs.
