Malam Nuhu Ribadu, Nigeria’s national security adviser, claims that the government continues to lose 400,000 barrels of crude oil per day to theft on both a national and international scale.
During a review of oil and gas facilities in the states of Abia and Rivers, Ribadu made the statement.
He emphasised that these losses have a significant effect on the country’s economy and are more than just numbers.
“The activities of oil thieves and pipeline vandals had impacted negatively on the nation’s economy and were partly responsible for the rising cost of living in the country,” Ribadu said.
All You Should Know About New NSA, Nuhu Ribadu
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 with few criminals and economic saboteurs not even getting much out of it.”
When pipelines are broken, smaller amounts of crude oil are collected by artisanal refinery operators, according to Ribadu, while greater amounts of oil are discharged onto the environment.
He added, “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.
Bola Tinubu ‘Picks’ Former EFCC Boss, Ribadu As NSA
“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.
“Currently, the country is in desperate need of money as the Naira is continuously losing its value because we earn less money.
“If we earn more money, it will not only help strengthen our currency but reflect in everything, including the cost of living in the country.”
According to the NSA, President Bola Tinubu’s administration was worried about the development and had already started to take appropriate action to confront it.
He claimed that substantial expenditures made by the government in creating facilities for the benefit of everyone were being destroyed by a small number of people, who were also damaging the environment.
Reno Omokri Returns To Nigeria, Meets Jonathan, Nuhu Ribadu, Nigerians React
To combat oil theft and put an end to years of attacks on the country’s oil and gas infrastructures, Ribadu called for a united front.
“We are working hard with the security forces and those employed by the Nigerian National Petroleum Company Limited to secure our facilities and end this madness called oil theft,” he said.
Baduru Abubakar, the minister of defence, and Gen. Christopher Musa, the chief of the military staff, made up the presidential delegation.
Air Marshal Hassan Abubakar, Minister of State for Defence, Bello Matawalle, and Minister of State (Oil), Petroleum Resources, Heineken Lokpobiri were some of the other participants.
REVEALED: How Ribadu, Uzodinma ‘Forced’ Adamu To Resign As APC Chair
The team included the Minister of State (Gas), Petroleum Resources, Ekperipe Ekpo, senior management representatives from the NNPCL, as well as other top security professionals.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.