Nigeria Spent Over N13 Trillion On Subsiding Fuel Between 2005 And 2021 – NEITTI

Nigeria Extractive Industries Transparency Initiatives (NEITTI) says Nigeria spent over N13 trillion or $74 million on subsiding fuel between 2005 and 2021.

According to the agency, the subsidy fund is equivalent to Nigeria’s entire budget for health, education, agriculture, and defence in the past five years.

Executive secretary of NEITTI, Dr. Ogbomma Orji made this known at a policy dialogue on oil swap in FCT, Abuja.

According to him, Nigeria lost N16.25 trillion or $46.16 billion over the stealing of N619.7 million barrels of crude oil between 2009 and 2020.

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Orji noted that while the country was bleeding through subsidies, Nigeria lost another N16.25trn ($46.16bn) from 619.7m barrels of crude oil to theft in 12 years (2009 to 2020). “The volume of crude oil losses represents a loss of more than 140,000 barrels per day,” he noted.

On failed oil swaps, Orji said several deals did not work including the Direct Sale Direct Purchase (DSDP) started in January 2016.

The Executive Director, Policy Alert, Tijah Bolton-Akpan, urged NNPC and other agencies to increase their transparency role noting that NNPC Ltd has stopped its data disclosure.

But justifying its transparent actions, Executive Director at NNPC Trading Limited, Maryamu Idris, who represented the GCEO of NNPC Ltd said, “We have shared all the information that needs to be shared; our processes and we are very excited to be here.”