Ribadu Reveals What Happens To 400,000 Barrels Of Crude Oil Daily

Ribadu Reveals What Happens To 400,000 Barrels Of Crude Oil Daily

Malam Nuhu Ribadu, the National Security Adviser (NSA), has revealed that despite ongoing efforts to curb the issue, the country continues to lose 400,000 barrels of crude oil daily to both local and international thieves.

Ribadu confirmed this during an inspection of oil and gas facilities in Owaza, Abia, and Odogwa, Etche Local Government Area of Rivers. He led a presidential delegation for the inspection on Saturday.

He expressed his concern about the adverse effects of oil theft and pipeline vandalism on the national economy, which contribute to the rising cost of living in the country.

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Ribadu emphasized that a few individuals engaging in these illicit activities cause significant losses to the nation, communities, and citizens alike. He pointed out that Nigeria has the capacity to produce 2 million barrels of crude oil per day, but due to theft and vandalism, the current production is less than 1.6 million barrels.

He estimated that the country loses the value of 400,000 barrels of oil daily, which amounts to about 4 million dollars per day. This adds up to billions of dollars over the course of a year, contributing to the nation’s financial challenges and the devaluation of the Naira.

The NSA highlighted the concern of the President Bola Tinubu administration about this situation and mentioned that actionable steps were being taken to address the issue. He noted that the destruction caused by a few individuals is undermining the significant investments made by the government to develop infrastructure for the collective benefit.

Ribadu called for unity in tackling oil theft and the long-standing attacks on the nation’s oil and gas infrastructure. He expressed the government’s commitment to collaborating with security forces and the Nigerian National Petroleum Company (NNPC) Limited to secure facilities and bring an end to the problem.

The presidential delegation that accompanied the NSA for the inspection included the Minister of Defence, Baduru Abubakar, and Chief of Defence Staff (CDS), Gen. Christopher Musa, among other high-ranking officials from various ministries and security sectors.