Nigeria Loses 400,000 Barrels of Crude Oil per Day to Oil Thieves and Pipeline Vandals - NSA

The National Security Adviser to President Tinubu, Malam Nuhu Ribadu has expressed his regrets as he describes how Nigeria still loses 400,000 barrels of crude oil due to oil theft from both local and international criminals - he is vexed that even at the measures placed to destabilize their efforts, they still get away with their crimes.

Ribadu made this statement on Saturday when he went on a visit to inspect the oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers.

He further added that the activities of oil theft and pipeline vandals have negatively impacted the country's economy and also contributed to the rising cost of living in the country.

He stated,

• It’s unfortunate that a few individuals would steal our common resources, and in the process cause unbelievable loss to the nation, communities and people.

• Nigeria has the capacity to produce 2 million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalism of pipelines.

• So, we are talking about 400,000 barrels of crude oil going to waste with few criminals and economic saboteurs not even getting much out of it.

• The value of 400,000 barrels of oil today is about 4 million dollars, and every day, we lose this amount because of this irresponsible behaviour.

• If you multiply 4 million dollars by 365 days (one year), you will see that it is a lot of money running into billions of dollars.

• Currently, the country is in desperate need of money as the Naira is continuously losing its value because we earn less money.

• If we earn more money, it will not only help strengthen our currency but reflect in everything, including the cost of living in the country.

• We are working hard with the security forces and those employed by the Nigerian National Petroleum Company (NNPC) Limited to secure our facilities and end this madness called oil theft.

Ribadu also said that operators of artisanal refineries collect a small portion of crude oil when they break pipelines while larger volumes of oil are spilled all over the environment.

He also said that President Bola Tinubu was concerned about the development and taking measures to address the issue.

He stated that infrastructures built by the government for the well-being of Nigerians have been mismanaged by a few individuals who are bent on ruining the development.

In the closing remark, Nuhu Ribadu asked for more security measures to be put in place to frustrate oil theft and further attacks on any of the nation's oil and gas infrastructures.

Also on the presidential delegation with the NSA were the Chief of Defence Staff, Gen. Christopher Musa and Minister of Defence, Baduru Abubakar.

Others included the Minister of State for Defence, Bello Matawalle, Chief of Air Staff, Air Marshal Hassan Abubakar, and Minister of State (Oil), Petroleum Resources, Heineken Lokpobiri.

The Minister of State (Gas), Petroleum Resources, Ekperipe Ekpo, and senior management officials of the NNPCL as well as other top security personnel were part of the team.