NEITI Attributes 79% dip in crude oil production on theft

The Executive Secretary of Nigerian Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, has attributed the 79 per cent dip in the crude oil production in 2023 to theft.
Orji noted that the report revealed that in 2023, about 7.68 million barrels of crude oil were either stolen or lost, a 79 per cent drop compared to the figure recorded in 2022.
He urged civil society organisations (CSOs) to monitor the government’s strategies to combat oil theft and advocate for stronger environmental protections.
Orji made this statement while delivering a keynote speech at the opening of the three-day Civil Society Roundtable on the EITI Framework in Abuja.
He said regarding revenue losses and underreporting, Orji said the report disclosed that outstanding collectible revenues due to the Federal Government amounted to over $6.071 billion and N66.4 billion.
The sustainability, progress, and future growth of Nigeria’s extractive industries depend on active civil society participation and engagement.

Source: thenationonline.com

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