The Nigeria Extractive Industries Transparency Initiative (NEITI) said that
Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019, said in its latest audit report.
The figures which are part of the report on Oil and Gas was presented to the Media and Civil Society Organisations by the Assistant Director, Oil and Gas, NEITI Mr George Abiye, in Lagos.
The audit report showed Nigeria earned $34.22 billion from the oil and gas sector in 2019, which represents a 4.88 per cent increase over the $32.63 billion recorded in 2018.
The 2019 report covered 98 entities, including 88 oil and gas companies, nine government agencies and the Nigerian Liquefied Natural Gas (NLNG) Company.
It said the country could have earned more revenue if not for crude oil losses due to metering error, theft and sabotage in the year under review.
According to the report, the losses were incurred by companies that conveyed crude volumes through pipelines that were easily compromised by saboteurs.
The report, therefore, recommended that the Nigerian National Petroleum Corporation (NNPC) should ensure proper surveillance (land-based, and aerial satellite photography and geophones trenched pipelines).
The report also advised the Federal Government to ensure the success of oil and gas industrial parks in the Niger Delta.
Earlier in his remarks, Dr Ogbonnaya Orji, Executive Secretary, NEITI, commended the National Assembly for the recent passage of the Petroleum Industry Bill (PIB) after several years of delay.
Orji advised the lawmakers to urgently harmonise the draft bill and present it for consideration and assent by President Muhammadu Buhari.