Malam Nuhu Ribadu, the National Security Adviser (NSA), has revealed that despite ongoing efforts to combat the issue, the country continues to suffer a daily loss of 400,000 barrels of crude oil due to the actions of both local and international thieves.
This disclosure was made during a recent inspection of oil and gas installations in Owaza, Abia, and Odogwa in the Etche Local Government Area of Rivers.
Ribadu led a presidential delegation for the inspection and emphasized that the activities of these oil thieves and pipeline vandals have significantly impacted the nation’s economy, contributing to the escalating cost of living within the country.
“It’s unfortunate that 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,” he said.
Ribadu said the operators of artisanal refineries collect a small quantity of crude oil when they broke the pipelines while larger volumes of oil were 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.
The National Security Adviser (NSA) conveyed that the administration led by President Bola Tinubu expressed deep concern regarding this issue and had already initiated practical measures to confront the situation.
He emphasized that substantial government investments directed towards constructing infrastructure for the collective benefit were being undermined by a handful of individuals, leading to environmental degradation in the process.
Ribadu advocated for a collaborative effort to combat oil theft and put an end to decades of assaults on the nation’s oil and gas facilities.
“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.
According to the News Agency of Nigeria (NAN), the presidential delegation was composed of the NSA alongside the Minister of Defence, Baduru Abubakar, and the Chief of Defence Staff (CDS), Gen. Christopher Musa.
Additionally, the delegation included the Chief of Air Staff (CAS), Air Marshal Hassan Abubakar; the Minister of State for Defence, Bello Matawalle; and the Minister of State (Oil), Petroleum Resources, Heineken Lokpobiri.
Furthermore, the Minister of State (Gas), Petroleum Resources, Ekperipe Ekpo, as well as senior officials from the NNPCL and other high-ranking security personnel, were part of this team.
