The Nigeria Extractive Industries Transparency Initiative (NEITI) on Monday in Abuja said Nigeria lost over $11 billion to crude oil theft and pipeline vandalism between 2009 and 2011.

The NEITI chairman, Ledum Mitee, disclosed this at the public presentation of NEITI audit reports for the oil and gas sector for 2009 to 2011 and the Solid Minerals Sector Audit for 2007-2010.

The report, which was carried out by NEITI auditors, highlighted the transaction and revenue flows between government agencies and international oil companies operating in Nigeria.

According to the report, more than 136 million barrels of crude oil estimated at $10.9 billion have been lost to theft and sabotage within the period under review.

“This amount which was 7.7 percent of the total revenue accrued to the federation in the audit period is considered significant.

“This was in addition to a loss of about 10 million barrels valued at $894 million as a result of pipeline vandalism in downstream operations”, Mitee said.

The report said that the nation recorded over 2.5 billion barrels of crude oil production amounting to total revenue of $143.5 billion from equity crude sales, royalty, signature bonuses and taxes within the period under review.

The breakdown of the crude oil production given by the report indicated that 780.9 million barrels were recorded in 2009.

It said that 894.5 million barrels were recorded in 2010 while the number of barrels recorded in 2011 declined slightly to 866.2 million barrels due to activities of vandals.

The report also noted that the Federal Government paid N3 trillion as subsidy payments to marketers of refined petroleum products during the period. It said that the NNPC accounted for N1.4 trillion of the subsidy claims while other marketers claimed the remaining N1.60 trillion.

“From the findings of the report, the subsidy payments made through NNPC increased from N198 billion in 2009 to N416 billion in 2010 and nearly doubled in 2011 to N786 billion.

“During the same period, subsidy paid through PPPRA increased from N208 billion in 2009 to N278 billion in 2010 and astronomically to N1.12 trillion in 2011”, he said.

The report also uncovered a disparity of N175.9 billion between the subsidy claims paid from the federation account and the one made by the Petroleum Pricing Regulatory Agency (PPPRA).

“The Office of the Accountant-General of the Federation reported to NEITI auditors a total subsidy payment of N2, 825 trillion while the PPPRA disbursed N3 trillion to marketers during the same period.

“Some marketers disagreed with the amount ascribed to them by the PPPRA, especially in 2010 where a marketer claimed N2. 56 billion as fuel subsidy.

“The PPPRA recorded payment of N1.5 billion, leaving an un-reconciled difference of N1.04 billion”, Mitee said.

The report said that N4.423 billion being over-recovery collected from some marketers had yet to be remitted to the federation account while the NNPC and two other companies were yet to refund N3.715 billion being over-recovery for the period under review.