Malam Nuhu Ribadu, the National Security Adviser (NSA), has asserted that the government continues to experience a daily loss of 400,000 barrels of crude oil due to both local and international theft.
Ribadu made this assertion during a visit with a presidential delegation to assess oil and gas facilities in Owaza, Abia, Odogwa, and Etche within Rivers State.
He said that the acts of oil thieves and pipeline vandals had harmed the country’s economy and were partly to blame for the country’s rising cost of living.
“It is unfortunate that a few individuals would steal our common resources, causing incredible loss to the nation, communities, and 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 a few criminals and economic saboteurs not even getting much out of it,” he said.
According to Ribadu, when artisanal refineries break pipes, they collect a small amount of crude oil while larger volumes of oil pour into 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 behavior.
“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 also reflect in everything, including the cost of living in the country,” he added.
According to the NSA, the administration of President Bola Tinubu is concerned about the situation and is already taking action to solve it.
He claimed that the government’s massive investments in infrastructure for the common good of all were being destroyed by a few individuals, damaging the environment in the process.
Ribadu urged a united front to combat oil theft and put an end to decades of attacks on the country’s oil and gas infrastructure.
The presidential delegation to the NSA was led by Baduru Abubakar, Minister of Defense, and Gen. Christopher Musa, Chief of Defense Staff (CDS).
Others in attendance included Air Marshal Hassan Abubakar, Chief of Air Staff (CAS), Bello Matawalle, Minister of State for Defense, and Heineken Lokpobiri, Minister of State (Oil), Petroleum Resources.
The crew included the Minister of State (Gas), Petroleum Resources, Ekperipe Ekpo, senior NNPCL management executives, and other top security officers.
