Ribadu Discloses Nigeria Still Losing 400,000 Barrels of Crude Oil Daily

The National Security Adviser, NSA, Malam Nuhu Ribadu, says the country is still losing 400,000 barrels of crude oil daily to local and international thieves despite efforts to end the menace.

Ribadu confirmed this when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers on Saturday.

He said 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.

He said it is unfortunate that few individuals would steal common resources, and in the process cause unbelievable loss to both the nation, communities and the people.

He also noted that Nigeria has the capacity to produce 2 million barrels of crude daily, but is currently producing less than 1.6 million barrels due to theft and vandalism of pipelines.

He also said the operators of artisanal refineries collect a small quantity of crude oil when they break the pipelines while larger volumes of oil are spilled on the environment.

He explained that the value of 400,000 barrels of oil today is about 4 million dollars, an amount that Nigeria loses daily due to what he called irresponsible behaviour