Mallam Nuhu Ribadu, Nigeria’s National Security Adviser (NSA), has disclosed that the nation continues to experience a daily loss of 400,000 barrels of crude oil due to theft, occurring both domestically and on an international scale. 

Ribadu shared this information while conducting an assessment of oil and gas installations in the states of Abia and Rivers.

Highlighting the significance of these figures, the NSA underscored that these losses transcend mere statistics and profoundly affect the country’s economy.

“The activities of oil thieves and pipeline vandals had impacted negatively on the nation’s economy and were partly responsible for the rising cost of living in the country,” Ribadu said.

He said, “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.”

When pipelines are broken, smaller amounts of crude oil are collected by artisanal refinery operators, according to Ribadu, while larger amounts of oil are spilled onto the environment.

He added, “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 the cost of living in the country.”

Ribadu also revealed that President Bola Tinubu’s administration is deeply concerned about this issue and has already initiated practical measures to tackle the situation. He emphasized that significant government investments aimed at constructing public infrastructure for the collective benefit of all citizens were being undermined by a small group of individuals, resulting in environmental degradation.

Ribadu called for a united and concerted effort to combat the problem of oil theft and put an end to decades of assaults on the country’s oil and gas facilities.

The presidential delegation included Minister of Defence Baduru Abubakar and Chief of Defence Staff Gen. Christopher Musa. Others in attendance were Chief of Air Staff Air Marshal Hassan Abubakar, Minister of State for Defence Bello Matawalle, and Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri. Additionally, Minister of State for Petroleum Resources (Gas) Ekperipe Ekpo, along with senior officials from the NNPCL and other high-ranking security personnel, formed part of the delegation.