Toba Owojaiye reporting
Despite concerted efforts to curtail the problem, Nigeria is still witnessing a significant daily loss of 400,000 barrels of crude oil due to both domestic and international theft, according to Malam Nuhu Ribadu, the National Security Adviser (NSA).
Ribadu revealed this during a visit to inspect oil and gas facilities in Owaza, Abia, and Odogwa, Etche Local Government Area of Rivers State, as part of a presidential delegation.
He expressed concern about the adverse impact of oil theft and pipeline sabotage on the country’s economy, contributing to the escalating cost of living.
“It is disheartening that a small group of individuals can plunder our shared resources, resulting in immense losses for the nation, communities, and citizens,” Ribadu commented.
He emphasized that Nigeria has the capacity to produce two million barrels of crude oil daily, but due to theft and pipeline vandalism, the current production hovers below 1.6 million barrels.
“Consequently, approximately 400,000 barrels of valuable crude oil are squandered due to the actions of a handful of criminals and economic saboteurs,” he noted.
Ribadu further informed that the administration of President Bola Tinubu is deeply concerned about this issue and is actively pursuing measures to counter it.
The NSA leader called for a unified approach to combat oil theft and halt the long-standing assaults on the nation’s oil and gas infrastructure.