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

 

The National Security Adviser (NSA), Malam Nuhu Ribadu, says the country is still losing 400,000 barrels of crude oil daily, attributing the cause to local and international thieves.

OSUN DEFENDER gathered that Ribadu made the confirmation when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers on Saturday.

He said the activities of oil thieves and pipeline vandals had impacted negatively on the nation’s economy and were partly responsible for the rising cost of living in the country.

He added that Nigeria can produce 2 million barrels of crude daily, but we’re producing less than 1.6 million barrels due to theft and vandalism of pipelines.

The NSA said that President Bola Tinubu’s administration was concerned about the development and was already taking actionable steps to address the matter

“Unfortunately, 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.

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“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.

Ribadu said the operators of artisanal refineries collect a small quantity of crude oil when they break the pipelines while larger volumes of oil are spilled on the 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.