PUNCH
Nigeria lost $46.16bn to crude oil theft between 2009 and 2020, while it lost $10.7bn annually to subsidy on Premium Motor Spirit, popularly called petrol, the Energy and Natural Resources subcommittees of the Advisory Council of President Bola Tinubu, has revealed.
A summation of the amounts lost to oil theft and subsidy indicated that the country lost a total of $56.86bn, going by figures released in the Policy Advisory Council Report, dated May 2023, which was prepared when Tinubu was still President-elect.
On highlights of economic and sector challenges in the report, the council also stated that $70bn worth of investments was lost in the petroleum industry since 2011 due to the absence of the Petroleum Industry Act.
The PIA was signed into law by former President Muhammadu Buhari, after dragging for decades as a bill at the National Assembly.
The report further pointed out that at seven per cent, Nigeria’s revenue to Gross Domestic Product ratio was among the five lowest in the world.
It read in part, “Insecurity is a major sector challenge. $46.16bn was lost to crude oil theft between 2009 and 2020. $10.70bn lost annually to PMS subsidy and inefficiencies associated with the purchase, distribution, and sale of PMS.
“Governance and regulatory concerns have eroded investor confidence, diverting private capital needed for the development of critical oil and gas infrastructure.
.
