The Federal Government of Nigeria lost an estimated 13.5 million barrels of crude oil, valued at $3.3 billion, to oil theft and pipeline sabotage between 2023 and 2024. This was disclosed by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, during the 2025 conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos.
Orji noted that the revenue lost to oil theft could have funded a full year of the federal health budget or expanded energy access to millions of Nigerians. He stressed that the impact of such losses extends beyond finances, reflecting systemic institutional weaknesses and a lack of accountability that hinder national development.
According to NEITI, Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from the oil and gas sector. However, ₦1.5 trillion in outstanding payments owed by companies and government agencies remain unrecovered, funds which NEITI believes could significantly support infrastructure and social services. The agency has since expanded its role from audit reporting to broader governance reform, introducing tools like the Beneficial Ownership Register, the NEITI Data Centre, and new frameworks for climate accountability and energy transition.
With Nigeria positioning gas as its transition fuel and renewables as the energy source of the future, NEITI called for stronger adherence to open data, transparent contracts, and accountable institutions. The agency stressed that trust, built through transparency, is critical for attracting investment and ensuring that the country’s natural resource wealth translates into real benefits for its citizens.
