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Crude oil theft is impacting Nigeria’s forex inflows – Timipre Sylva

FG denies increase in pump price of petrol as fuel scarcity bites harder

Minister of state Petroleum Resources, Timipre Sylva

Nigeria’s minister of state for petroleum resources, Timipre Sylva, has said crude oil theft is negatively impacting Nigeria’s foreign exchange inflow.  

He said this on Saturday, October 29, during the 2022 graduation ceremony of students at the Petroleum Training Institute (PTI) in Effurun, Delta State.   

Sylva, who was represented by the permanent secretary of the Ministry of Petroleum Resources, Gabriel Aduda, told attendees of the graduation ceremony that Nigeria loses at least 700,000 barrels of crude oil to theft on a daily basis.  

He said: “Oil theft has denied the country an estimated 700,000 barrels of crude oil per day. The adverse effect of this is the drop in the production of crude oil and decline in the national income.”
 

Depressing metrics of some crude oil theft activities supporting Sylva’s forex statement 

Crude oil theft has been an ongoing challenge in Nigeria’s hydrocarbon industry for decades. However, in recent times, the problem has become hydra-headed as a result of a lack of political will by authorities to prosecute perpetrators, who may have links to the government and security outfits. To put what Sylva is saying in perspective, it is instructive to take note of some figures from past statements on the issue of crude oil theft in Nigeria. 

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