The Federal Government lost a total of 13.5 million barrels of crude oil worth $3.3 billion to theft and pipeline sabotage between 2023 and 2024, the Nigerian Extractive Industries Transparency Initiative (NEITI), has disclosed.

Executive Secretary of NEITI, Dr. Ogbonanya Orji, disclosed this in Lagos at the 2025 Association of Energy Correspondents of Nigeria (NAEC) conference in Lagos on Thursday.

He decried the lack of transparency and accountability that had bedeviled the oil and gas industry, saying there was the need for openness, transparency and innovation in driving the oil and gas value chain.

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He spoke on the theme, ‘Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth.’

Orji noted that the lost revenue could have supported a full year of the federal health budget or provided energy access to millions of households.

He further disclosed that its 2021–2022 Oil and Gas Industry Reports indicated that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from the sector.

In addition, it stated that N1.5 trillion were owed to the Federation by some companies and government agencies, saying the funds could have supported the provision of energy infrastructure and healthcare to the people.

This is why transparency and accountability are not optional but necessary conditions to guarantee a more sustainable energy future for Nigeria, he stated.

The ES stated that NEITI is committed to ensuring that every barrel of crude produced is duly accounted for, noting that the secrecy in the value chain remains a matter of concern.

According to him, there is the need for reliable data in the industry as “data build trust, trust drives investment, investment generates revenues and revenues deliver impact.

He said, “Over the past decade, NEITI has evolved from an auditing agency to a governance reform institution.

“We have institutionalised regular audits of oil, gas, and solid mineral sectors, tracking production, payments, and remediation; developed Nigeria’s Beneficial Ownership Register, unmasking the true owners of over 4,800 extractive assets, and helping the government combat corruption and illicit financial flows; and launched the NEITI Data Centre—a national open-data infrastructure that provides real-time public access to industry information.

“We have also strengthened partnerships with NUPRC, NMDPRA, and NCDMB to promote transparency in licensing, metering, and host community trust management and introduced the Just Energy Transition and Climate Accountability Framework to ensure that Nigeria’s shift to cleaner energy is transparent, inclusive, and fair.”