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Nigeria’s Economy Bleeds as Local and International Thieves Siphon $4 Million of Crude Oil Daily – Nuhu Ribadu

  • Buhari moved Nigeria’s debt profile from N42tn to N77tn in 8 years

National Security Adviser (NSA), Malam Nuhu Ribadu, has lamented that despite ongoing efforts to checkmate oil theft, Nigeria continues to lose approximately 400,000 barrels of crude oil per day, equivalent to a staggering $4 million. This loss is attributed to both local and international theft.

During an inspection visit of oil and gas facilities at Owaza, Abia, and Odogwa in the Etche Local Government Area of Rivers State, Ribadu expressed his concerns about the persistent economic sabotage. He pointed out that these illicit activities have taken a toll on the nation’s economy, contributing to high living costs.

Ribadu highlighted the irony of few individuals reaping disproportionately from this illegal act, causing immense loss to the nation at large. He emphasized that Nigeria has the potential to produce 2 million barrels of crude daily. However, due to rampant theft and pipeline vandalism, production is restricted to under 1.6 million barrels.

He lamented the environmental pollution caused by the illegal operations of artisanal refineries, who spill large volumes of oil when attempting to extract small quantities. Ribadu highlighted the significant economic implications of this situation. He estimated that the country loses billions of dollars annually, which could have otherwise helped bolster the Naira and reduce the cost of living.

The NSA assured that the President Bola Tinubu administration is deeply concerned about the situation and is taking decisive steps to address these issues.

The delegation accompanying Ribadu included the Minister of Defence, Badaru Abubakar; Chief of Defence Staff (CDS), General Christopher Musa; Chief of Air Staff (CAS), Air Marshal Hassan Abubakar; Minister of State for Defence, Bello Matawalle; and Minister of State (Oil), Petroleum Resources, Heineken Lokpobiri, among others.


IMAGE: NewsLines- joanna andreason

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