National Security Adviser (NSA), Nuhu Ribadu, at the weekend, said Nigeria is still losing 400,000 barrels of crude oil daily to local and international thieves, despite efforts to end the menace.
Ribadu disclosed this when he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Odogwa in Etche local council of Rivers State.
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According to him, activities of oil thieves and pipeline vandals had impacted negatively on the nation’s economy and were partly responsible for rising cost of living in the country.
“It is unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to the nation, communities and the people,” Ribadu said.
“Nigeria has the capacity to produce two million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalisation of pipelines.’’
“So, we’re talking about 400,000 barrels of crude oil going to waste, with few criminals and economic saboteurs not even getting much out of it,” he added.