Report reveals FG loses N1.9tn to oil theft in July

According to NRTC analysis, crude oil theft may have caused the nation to lose a staggering N1.9 trillion in revenue in July.

The estimate was made in response to a statement made last week by Nuhu Ribadu, National Security Adviser, who was leading a presidential delegation to tour the oil and gas installations at Owaza in Abia and Rivers State.

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Ribadu said that oil thieves and pipeline vandals were causing Nigeria to lose 400,000 barrels of crude oil per day.

He further stated that the nation was capable of producing 2 million barrels of crude oil each day.

“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 said.