NEWS

Nigeria Still Losing 400,000 Barrels Of Crude Oil Daily – NSA

Malam Nuhu Ribadu, the National Security Adviser (NSA), stated that despite ongoing efforts to combat the issue, the nation continues to experience a daily loss of 400,000 barrels of crude oil to both local and international thieves. This was confirmed during his leadership of a presidential delegation’s inspection of oil and gas facilities in Owaza, Abia, and Odogwa, Etche Local Government Area, Rivers.

“It’s unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to both the nation, communities and the 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,” he said.

Ribadu pointed out that when the operators of artisanal refineries break the pipelines, they obtain a minimal amount of crude oil, while more substantial volumes of oil are released into the surrounding environment.

“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 cost of living in the country,” he added.

The NSA emphasized that the administration under President Bola Tinubu’s leadership is deeply troubled by this situation and has already initiated practical measures to resolve it. He noted that substantial government investments in infrastructure benefiting the entire population were being undermined by a small group of individuals, resulting in environmental damage.

Ribadu urged for a unified effort to combat oil theft and put an end to decades of assaults on the country’s oil and gas infrastructure.

“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,” he said.

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