Nigeria Loses N1.9tn to Crude Oil Theft in July

Crude oil theft in Nigeria resulted in a staggering N1.9tn revenue loss in July alone.

The above analysis was made by the National Security Adviser, Nuhu Ribadu, during his visit to inspect oil and gas facilities in Abia and Rivers states last week.

According to Ribadu, the country lost 400,000 barrels of crude oil daily due to the activities of oil thieves and pipeline vandals.

He disclosed that Nigeria can produce 2 million barrels of crude oil per day.

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Ribadu said:

“It is unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to the nation, communities and the people.

“Nigeria has the capacity to produce two million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalisation 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.”

However, the data contained in the Organization of the Petroleum Exporting Countries, OPEC August report stated otherwise.

OPEC’s report of the country’s July crude oil production, as provided by the Nigerian National Petroleum Company Limited, NNPCL, and the Nigerian Upstream Petroleum Regulatory Commission, NUPRC was one million barrels per day.

Nigeria’s bonny light crude, which fed all other oil produced by the country, sold for $80 a barrel in July, according to an OPEC report in August.

The report added that the exchange rate against the dollar was $1 equal to N777 in July.