OWAZA, Nigeria – Nigeria continues to lose 400,000 barrels of crude oil daily to theft and vandalism, despite efforts to combat this enduring issue, disclosed Nuhu Ribadu, National Security Adviser, NSA, during a presidential delegation’s inspection of oil and gas facilities in Owaza, Abia, and Odogwa, Etche Local Government Area of Rivers State on Saturday, August 26, 2023.
Ribadu emphasized the detrimental effects of oil theft on Nigeria’s economy, which he partly blames for the rising cost of living in the nation.
“It is unfortunate that a few individuals would steal our common resources and, in the process, cause unbelievable loss to both the nation, communities, and the people,” Ribadu lamented.
According to Ribadu, Nigeria can produce two million barrels of crude oil daily, but current figures are disappointing.
“Nigeria can produce two million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalism of pipelines,” he explained.
“So, we’re 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 added.
Ribadu stated that the administration of President Bola Tinubu is deeply concerned about this development and is taking actionable steps to address the issue.
The NSA boss concluded by urging a united front to tackle the issue of oil theft, suggesting that decades-long assaults on the nation’s oil and gas infrastructure must end.
The alarming rate of oil theft in Nigeria has raised concerns about the government’s ability to safeguard the country’s most valuable resource.
These thefts not only cripple the economy but also deprive the nation of essential revenue for development and social services.
The disclosure by the NSA is expected to intensify the government’s resolve to tackle the issue, which remains a significant stumbling block to Nigeria’s economic and social stability.
