Malam Nuhu Ribadu, the National Security Adviser, has revealed that despite ongoing efforts to curb the problem, Nigeria is still losing a staggering 400,000 barrels of crude oil daily to both local and international thieves. Ribadu shared this concerning information during a visit to inspect oil and gas facilities in Abia and Rivers states, underscoring the negative impact of oil theft and pipeline vandalism on the nation’s economy.
Ribadu emphasized that these criminal activities are driving up the cost of living in the country and undermining economic stability. While Nigeria has the capability to produce 2 million barrels of crude oil daily, theft and vandalism have led to a reduction to less than 1.6 million barrels, resulting in a loss of 400,000 barrels each day.
The National Security Adviser explained that the culprits behind these thefts operate both small-scale, artisanal refineries that extract small quantities of crude oil by breaking pipelines, and larger-scale operations that cause significant oil spillage in the environment.
The economic impact of this situation is substantial. The value of 400,000 barrels of oil is approximately $4 million per day, amounting to billions of dollars annually. The loss of revenue not only weakens the country’s currency but also affects the overall cost of living in Nigeria.
Ribadu conveyed that the government is taking action to address this issue, recognizing the destruction of infrastructure and environment caused by these activities. A united effort is being advocated to combat oil theft and protect the nation’s oil and gas infrastructure.
In addition to Ribadu, the delegation inspecting the facilities included Minister of Defence Baduru Abubakar, Chief of Defence Staff Gen. Christopher Musa, and other top security and petroleum officials. The Nigerian government is committed to confronting this challenge and safeguarding its vital energy resources.