Nigeria still losing 400,000 barrels of crude oil daily – NSA


The National Security Adviser, Malam Nuhu Ribadu, says the nation is as yet losing 400,000 barrels of unrefined petroleum day to day to nearby and global criminals in spite of endeavors to end the hazard.

Ribadu affirmed this when he drove an official designation to examine oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Waterways on Saturday.

He said the exercises of oil criminals and pipeline miscreants had affected adversely on the country’s economy and were halfway answerable for the increasing cost for many everyday items in 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 break the pipelines while larger volumes of oil are 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 the cost of living in the country,” he added.

The NSA said that President Bola Tinubu’s administration was worried about the turn of events and was at that point finding a way significant ways to address the matter.

He said colossal speculations made by the public authority in building frameworks to bring about some benefit for all were being annihilated by a couple of people, and all the while, obliterating the climate.

Ribadu required a unified front to handle oil robbery and end many years of assaults on the country’s oil and gas foundations.

“We are working hard with the security forces and those employed by the Nigerian National Petroleum Company Limited to secure our facilities and end this madness called oil theft,” he said.

The News Agency of Nigeria reports that on the presidential delegation with the NSA were the Minister of Defence, Baduru Abubakar, and Chief of Defence Staff, Gen. Christopher Musa.

Others included the Chief of Air Staff, Air Marshal Hassan Abubakar; Minister of State for Defence, Bello Matawalle, and Minister of State (Oil), Petroleum Resources, Heineken Lokpobiri.

The Minister of State (Gas), Petroleum Resources, Ekperipe Ekpo, and senior management officials of the NNPCL as well as other top security personnel were part of the team.


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