Ribadu: Nigeria Continues to Experience Daily Loss of 400,000 Barrels of Crude Oil
Over the weekend, the National Security Adviser (NSA), Nuhu Ribadu, revealed that Nigeria's ongoing battle against oil theft has not yet curbed the loss of 400,000 barrels of crude oil daily to both local and international perpetrators.
Ribadu conveyed this disheartening information while heading a presidential delegation assigned to inspect oil and gas installations in Owaza, Abia, and Odogwa, Etche local council in Rivers State.
He further indicated that the activities of oil thieves and pipeline vandals have exerted a detrimental impact on the country's economy. These unlawful activities have also contributed to the escalation of living costs in the nation.
"It's regrettable that a handful of individuals would pilfer our shared resources, resulting in an astonishing toll on the nation, local communities, and the populace," expressed Ribadu.
He continued, "Nigeria possesses the potential to generate two million barrels of crude oil on a daily basis, yet we find ourselves producing under 1.6 million barrels due to the theft and destruction of pipelines."
"Consequently, we're facing the squandering of 400,000 barrels of crude oil, a resource that's essentially going to waste, with only a handful of criminals and economic saboteurs reaping minimal benefits," he appended.
Ribadu further noted that President Bola Tinubu's administration acknowledges the gravity of the situation and has already initiated concrete measures to tackle this issue.
The head of the NSA urged for a collective effort to combat oil theft, putting an end to decades of assaults on the country's oil and gas infrastructure.
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