Nigeria loses 400,000 barrels of oil daily to criminals – Ribadu

National Security Adviser (NSA), Nuhu Ribadu has disclosed that Nigeria loses 400,000 barrels of crude oil daily to criminals and economic saboteurs.

Ribadu who led a presidential delegation to inspect the oil and gas facilities at Owaza in Abia and Odogwa in Etche LGA of Rivers on Saturday, August 26, said the nation’s economy is badly infected as a result of oil criminals who are behind the reduced crude production in the country.

The NSA noted that government infrastructures are being vandalised asides from the environmental effects of artisanal refineries on host communities. 

He 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 has the capacity to produce 2 million barrels of crude daily, but we are currently producing 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. 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.”