The Nigerian Upstream Petroleum Regulatory Commission has refuted claims of N8.41 trillion oil theft, describing the report as misleading and lacking context.
According to the NUPRC, the report’s methodology was flawed, using an unrealistic exchange rate of N1,500 per dollar to inflate figures.
The commission emphasized that Nigeria’s official exchange rate was below N430 and averaged less than N600 per dollar between 2021 and mid 2023. The NUPRC attributed the sharp decline in crude losses to collaborative efforts with the Office of the National Security Adviser, the military, oil operators, and other stakeholders.
Daily crude losses have dropped to 9,600 barrels per day, the lowest since 2009, representing over a 90% reduction in oil theft since 2021. According to Eniola Akinkuotu, Head of Media and Strategic Communications at NUPRC, “The NUPRC was vindicated again when the latest figures released by the National Bureau of Statistics showed that Nigeria’s economy grew by 4.23% largely on the back of increased oil output and two other sectors.”
The commission emphasized that Nigeria now has the technical capacity to produce over two million barrels daily and is working to fully unlock the sector’s potential. NUPRC urged media outlets to verify facts by contacting its official email address to ensure accuracy in reporting.
The NUPRC’s efforts to combat crude oil theft have yielded positive results, with the commission meeting OPEC production quotas, conducting metering audits, restoring shut in strings, increasing rig counts, and creating alternative crude evacuation mechanisms. These efforts have contributed to the country’s economic growth and development.
The commission’s achievements demonstrate its commitment to ensuring the integrity of Nigeria’s oil industry. As Akinkuotu stated, the report failed the “integrity test” as the author made no attempt to seek clarification from the NUPRC.