We lose 400,000 barrels of oil every day – NSA, Nuhu Ribadu

Nuhu Ribadu, the National Security Adviser (NSA), has revealed that criminal activities and economic sabotage lead to a daily loss of 400,000 barrels of crude oil in Nigeria.

Ribadu, who headed a presidential delegation to assess the oil and gas facilities at Owaza in Abia and Odogwa in Etche LGA of Rivers on Saturday, August 26, underscored that the nation’s economy is significantly affected due to the presence of oil criminals responsible for the decline in crude production within the country.

The National Security Adviser (NSA) has pointed out that government infrastructures are also being damaged due to the activities of artisanal refineries.

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.”