Nigeria lost over $11billion to crude oil theft and pipeline vandalism between 2009 and 2011, the Nigeria Extractive Industries Initiative (NEITI) has declared on Monday.

CEOAFRICA News Desk gathered this from the statement of the NEITI Chairman, Mr. Ledun Mitee, during his public presentation of the audit reports for Oil and Gas Sector for 2009 to 2011 and the Solid Minerals Sector for 2007.

The transaction and revenue flows between government agencies and international oil companies operating in Nigeria are also reflected in the report as put together by the NEITI auditors.

The report stated that more than 136 million barrels of crude oil estimated at $10.9billion had been lost to theft and sabotage within the period under review.

Mitee stated that the lost amount was at significantly 7.7 percent of the total revenue accrued to the federation in the audit period, adding that there was also loss of about 10 million barrels valued at $894 million as a result of pipeline vandalism in downstream operation.

The report of the audit also contained that over 2.5 billion barrels of crude oil production amounting to total revenue of $143.5 billion from equity crude sale, royalty, signature bonuses and taxes within the period under review.

It also gave the summary of crude oil production, stating that, 780.9 million barrels, 894.5 million and 866.2 million barrels were recorded in 2009, 2010 and 2011 respectively, indicating that the gap in the 2010 and 2011 output was as a result of activities of vandals.

The report further stated that the Federal Government paid N3 trillion as subsidy payment to marketers of refined petroleum products during the period.

Mr. Ledum Mitee pointed out that from the report findings, 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 while in the same period, subsidy paid through PPPRA increased from N208 billion in 2009 to N278 billion in 2010 as astronomically to N1.12 trillion in 2011.