Nigeria loses N1.74r tr to absence of Petroleum law – NEITI

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Nigeria Extractive Industries Transparency Initiative NEITI says Nigeria has lost N1.74trillion to the absence of the Petroleum Industry Governance Bill in 2013.
NEITI said the sector had lost over $10 billion and N370 billion through under-remittances and inefficiencies,also theft due to absence of a clear government framework for the oil and gas industry.

The transparency watchdog expressed optimism that with the new governance law for the industry, these huge revenue losses arising from process lapses and outright stealing will be strictly checked if not eliminated.

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