The #30BillionChallenge

The #30BillionChallenge

The Nigerian extractive sector is plagued with a lack of transparency resulting in the vulnerability of the sector to bad dealings and illicit financial transactions. A consequence of this is a huge loss of revenues for the Nigerian government. This lack of transparency, compounded with weak governance, regulatory frameworks, and rule of law, allows Oil and Gas companies, as well as other major players in the sector, operate in an unaccountable manner, abuse human rights, partake in illicit financial flows and exploit the fragility phenomenon in many oil-producing communities. 

The situation is further worsened by “shadow” multinational oil companies which operate in Nigeria but are not registered by law and who exploit Nigeria’s fragile and corrupt context, including its weak regulatory framework to perpetuate their illegality, evade tax obligations and avoid accountability, which constitutes oil theft.

NEITI reports that about $4.2 billion is lost annually to crude and product losses resulting from stealing, process lapses and pipeline vandalism. This means that from 2013 to date, approximately $30 billion has been lost to oil theft.

The OXFAM Conflict and Fragility has launched a competition tagged the 30 Billion Challenge. The competition requires that participants write a short essay or create videos explaining how this fund would have been better utilised in their communities.

Winner stands the chance of winning N200,000 worth of prizes.

Email admin@connecteddevelopment.org for more enquiries.

Connected Development is an initiative that is passionate about empowering marginalised communities.

Comments (07)

  1. Abdullahi Saminu
    May 22, 2020

    30 billion will help in Improving health facilities,Adequate water and well treated water in the community, And help the less privileged that has dropout of school to Attain being into school again and securing job for a good living, And also help in improving our education standards.

    Reply
  2. May 22, 2020

    This is great work

    Reply
  3. Okechukwu Joshua
    May 22, 2020

    On which platform should I share my essay?

    Reply
  4. May 23, 2020

    #END OIL THEFT $30BILLION CHALLENGE#

    THE SAD REALITY OF WEAK INSTITUTIONS AS RELATES TO COVID-19 PANDEMIC.
    In the wake of the world deadliest Pandemic outbreak of the 21th century(COVID-19), NEITI releases the shocking statistics of a loadable amount at $30Billion of the Nigeria economy that was lost to oil theft and vandalism from 2013 till date due to non transparency and weak institutions of the economy across all sectors.
    Consequently, the outbreak of the COVID-19 pandemic gives every concerned and patriotic Nigerian a sober reflection of what the whopping amount would afforded the economy to cushion the alarming rate of unemployment and strengthen the informal sector of the economy before this outbreak.
    It is sad to know that Nigeria as the most populated single nation , the highest oil producer in Africa and among the first-ten in the world has no single functional refinery for domestic oil production. $10Billion Dollar out of the lost $30 billion is pretty enough to set up a functional refinery with the production capacity to meet the Nigeria production requirement yearly. Another $10billion is enough to put fresh life into Agricultural sector to revamp the production output level, but what a woe..!

    Reply
  5. May 23, 2020

    Nigeria’s Sad Tale of Abandoned Projects Worth Over 12 Trillion
    There are countless abandoned projects scattered across Africa, but no country can be compared to Nigeria in this regard.

    Nigeria’s Sad Tale of Abandoned Projects Worth Over 12 Trillion
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    The major reason for the high number of abandoned projects in Nigeria is corruption.

    It has become a habit for top political office holders to approve funds for a project, but divert the said funds for personal gains after work has begun on site. It is not news that politicians use projects as an excuse to plunder the country’s treasury and waste taxpayers money.

    A recent survey carried out by the Chartered Institute of Project Management of Nigeria gave a shocking revelation on the number of abandoned projects scattered across the country. What was most shocking in the report was that the abandoned projects with regards to the structure(s) already on ground amount to over N12 trillion.

    Reply
  6. May 27, 2020

    That’s true federal government for used the losses feed Nigerian for more than 2 weeks but the will not Nigerians let me
    Tells the truth we are still slaves? Employe youth give the work & see peace #EndOiITheft

    Reply
  7. May 27, 2020

    That’s true federal government for used the losses feed Nigerians for more than 2 weeks but they will not. Nigerians let me
    Tells you the truth we are still slaves? Employed youth give them work Educate them & see peace of mind #EndOiITheft

    Reply

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