daily loss of 400,000 barrels of crude oil in Nigeria continues – NSA

Malam Nuhu Ribadu, the national security adviser, claims that despite efforts to put a stop to the threat, the government continues to lose 400,000 barrels of crude oil every day to both domestic and foreign criminals.

This was verified by Ribadu on Saturday when he led a presidential delegation to examine the oil and gas installations at Odogwa in the Etche Local Government Area of Rivers and Owaza in Abia.

He said that the nation’s economy had suffered from the actions of oil thieves and pipeline vandals, who were also partially to blame for the country’s rising cost of living.It’s terrible that a small number of people would take our shared resources and, in doing so, inflict enormous losses on the country, its neighbourhoods, and its citizens.

“Nigeria is capable of producing two million barrels of crude oil per day, but pipeline theft and damage have caused us to produce less than 1.6 million barrels at the moment.He stated, “So, we are talking about 400,000 barrels of crude oil going to waste with not even much benefiting from a small number of criminals and economic saboteurs.

“When pipes are broken, Ribadu claimed that the owners of artisanal refineries only obtain a tiny amount of crude oil, while greater amounts of oil leak into the surrounding area.Today, 400,000 barrels of oil are worth almost $4 million, and we lose this much every day as a result of this careless action.

“You can see that 4 million dollars is a significant amount of money, approaching billions of dollars, if you increase it by 365 days, or one year.The nation is currently in dire need of funds because our income is declining and the Naira is steadily losing value.

He went on, “If we earn more money, it will reflect in everything, including the cost of living in the country, and help strengthen our currency.”The administration of President Bola Tinubu, according to the NSA, was concerned about the development and was actively acting to rectify it.

He claimed that a small number of people were harming the environment and the enormous investments the government had made in creating infrastructure for the benefit of all.In order to combat oil theft and put a stop to decades of attacks on the country’s gas and oil infrastructures, Ribadu called for unification.

“To secure our facilities and put an end to this madness called oil theft, we are working hard with the security forces and those employed by the Nigerian National Petroleum Company Limited,” he declared.

According to the News Agency of Nigeria, General Christopher Musa, the Chief of Staff, and Baduru Abubakar, the Minister of Defence, were on the presidential delegation that met with the NSA.Air Marshal Hassan Abubakar, the Chief of Air Staff, Bello Matawalle, the Minister of State for Defence, and Heineken Lokpobiri, the Minister of State for Oil and Petroleum Resources, were among the others.

The team included senior NNPCL management executives, Ekperipe Ekpo, the Minister of State (Gas), Petroleum Resources, and other high-ranking security professionals.