The National Security Adviser, Malam Nuhu Ribadu, has revealed that Nigeria is still losing about 400,000 barrels of crude oil daily to local and international thieves despite efforts to end the menace.
This was confirmed by Ribadu when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers on Saturday.
This is as the Federal Government has expressed its determination to put a stop to pipeline vandalism and oil theft in the oil-rich Niger Delta region.
Ribadu was accompanied by the Minister of State for Petroleum Resources (Oil); Heineken Lokpobiri, Minister of State for Petroleum Resources (Gas); Ekperikpe Ekpo, the Minister of Defence, Mohammed Badaru, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, and some others.
Ribadu said the activities of oil thieves and pipeline vandals had impacted the nation’s economy negatively and were partly responsible for the rising cost of living in the country.
Nigeria can produce 2 million barrels of crude daily.
The NSA 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 can produce 2 million barrels of crude daily, but we are currently making 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.’’
$4 million lost daily
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.
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 said that President Bola Tinubu’s administration was concerned about the development and was already taking actionable steps to address the matter.
He said huge investments made by the government in building infrastructures for the common good of all were being destroyed by few individuals, and in the process, destroying the environment.
Ribadu called for a united front to tackle oil theft and end decades of attacks on the nation’s oil and gas infrastructures.
- “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, Minister of State (Oil), Petroleum Resources, and 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.
It’s your job to find a lasting solution, so please leave the statistics to the national bureau of statistics. These politicians seem to have finally done away with competency in this country due to zero accountability and zero repercussions for failure to deliver on their jobs over successive governments.