Nigeria still losing 400,000 barrels of crude oil daily – NSA

Malam Nuhu Ribadu, the National Security Adviser (NSA), has revealed that despite concerted efforts to put an end to the problem, both local and international thieves are still causing the nation to lose 400,000 barrels of crude oil daily.

This statement was confirmed during an inspection visit to oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers, led by Ribadu as part of a presidential delegation.

He expressed concern over the detrimental impact of oil theft and pipeline vandalism on the country’s economy, attributing these activities to the rising cost of living in the nation.

Ribadu lamented the situation where a small group of individuals unlawfully siphons the country’s shared resources, resulting in significant losses for both the country and its communities. He highlighted that Nigeria has the potential to produce 2 million barrels of crude oil daily, but due to theft and pipeline damage, the production has dropped to less than 1.6 million barrels.

He emphasized that approximately 400,000 barrels of crude oil are being wasted each day due to the actions of these criminals and economic saboteurs, despite the fact that they gain relatively little from these activities.

The NSA pointed out that artisanal refineries operators typically only manage to collect a small fraction of crude oil while causing larger volumes to spill into the environment. He highlighted the financial loss caused by this behavior, stating that the daily value of 400,000 barrels of oil adds up to around 4 million dollars. Over the course of a year, this translates to billions of dollars in losses.

Given the country’s current financial situation, characterized by the devaluation of the Naira, Ribadu stressed the urgency of addressing this issue. He explained that increased earnings would not only bolster the nation’s currency but also positively impact various aspects, including the cost of living.

Ribadu assured that President Bola Tinubu’s administration is actively addressing the matter. He expressed concern that the destruction caused by a few individuals is undoing the substantial investments made by the government for the greater good, as these actions not only harm infrastructure but also the environment.

In the fight against oil theft and the protection of oil and gas infrastructure, Ribadu called for a collaborative effort involving security forces and personnel from the Nigerian National Petroleum Company (NNPC) Limited.

Accompanying Ribadu on this delegation were Minister of Defence, Baduru Abubakar, and Chief of Defence Staff (CDS), Gen. Christopher Musa, among others. The delegation’s aim was to address the pressing issue of oil theft and vandalism.