Why Nigeria Is Still Losing 400,000 Barrels Of Crude Oil Daily – Nuhu Ribadu

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Monday, August 28th, 2023

(AFRICAN EXAMINER) – The National Security Adviser (NSA), Malam Nuhu Ribadu, on Saturday, stated that Nigeria is still losing 400,000 barrels of crude oil daily to local and international thieves irrespective of the efforts by the federal government to stop the menace.

Ribadu stated this when he led a presidential delegation to inspect oil and gas fa at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers State.

He stated that the activities of oil thieves and pipeline vandals had affected the nation’s economy negatively and were responsible partly for the rising cost of living in the country.

“Unfortunately, few individuals would steal our common resources, and in the process cause unbelievable loss to both the nation, communities and the people,” Ribadu said.

“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.

“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.

According to Ribadu, President Bola Tinubu’s administration is concerned about this development and will take the necessary actions to look into the issue.