Despite efforts to tackle the issue of theft, Nigeria is still losing 400,000 barrels of crude oil daily to local and foreign thieves, according to National Security Adviser (NSA) Nuhu Ribadu.
Ribadu revealed this while leading a presidential team to examine the oil and gas installations at Owaza in Abia and Odogwa in the Etche local government of Rivers State.
He said that the nation's economy had suffered as a result of oil theft and pipeline vandalism, which was also partially to blame for the nation's rising cost of living.
“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,” Ribadu said.
“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,” he added.
Ribadu added that the administration of President Bola Tinubu is worried about the situation and is currently taking appropriate action to solve it.
In order to combat oil theft and put a stop to years of attacks on the nation's oil and gas infrastructure, the head of the NSA called for a united front.
