Fawaz Adebisi
The National Security Adviser, Nuhu Ribadu, has revealed that despite ongoing efforts to combat the issue, the country is still losing 400,000 barrels of crude oil daily to both local and international thieves.
Ribadu, as part of a presidential delegation, confirmed this during an inspection of oil and gas facilities in Owaza, Abia, and Odogwa, Etche Local Government Area of Rivers.
The activities of oil thieves and pipeline vandals have severely impacted the nation’s economy, contributing to the rise in the cost of living, Ribadu lamented.
In his words, despite Nigeria’s capacity to produce 2 million barrels of crude oil daily, theft and vandalism have resulted in the production of less than 1.6 million barrels.
He emphasized the significant loss caused by this behavior, where 400,000 barrels of oil, valued at approximately $4 million daily, are wasted due to irresponsible actions.
“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,” he said.
He stressed the urgent need for increased earnings to stabilize the country’s currency and overall living conditions.
He therefore said the administration led by President Bola Tinubu is taking decisive actions to address this concern and safeguard the nation’s oil and gas infrastructure.
Ribadu also called for a united effort to counter oil theft and prevent further damage to the environment and economy.
Accompanying Ribadu on the delegation were Minister of Defence Baduru Abubakar, Chief of Defence Staff Gen. Christopher Musa, Chief of Air Staff Air Marshal Hassan Abubakar, Minister of State for Defence Bello Matawalle, Minister of State (Oil) Petroleum Resources Heineken Lokpobiri, Minister of State (Gas) Petroleum Resources Ekperipe Ekpo, and senior officials from the Nigerian National Petroleum Company (NNPC) Limited, along with prominent security personnel.
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