The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted claims of oil theft totaling N8.41 trillion. According to the Commission, this figure stems from a misinterpretation of crude loss statistics between 2021 and July 2025, which were released to promote transparency and adhere to the Petroleum Industry Act of 2021.
Recently, on September 11, 2025, the NUPRC announced that daily crude oil losses had decreased to 9,600 barrels per day, marking the lowest level since 2009. This achievement was widely reported and accurately reflected the progress made in reducing oil theft.
The NUPRC’s statement, issued by its Head of Media and Strategic Communications, Eniola Akinkuotu, highlighted the collaborative efforts between the Commission, the Office of the National Security Adviser, the military, operators, and other stakeholders. These efforts have led to a significant reduction in oil theft, from 102,900 barrels per day in 2021 to the current 9,600 barrels per day, representing a 90% decrease in losses.
The Commission also pointed out discrepancies in the report on alleged oil theft, including the use of an exchange rate of N1,500/$1 from 2021 to 2025, which inflated the figures. In reality, Nigeria’s exchange rate was less than N430 on the official market and averaged around N600/$1 between 2021 and mid-2023.
The latest figures from the National Bureau of Statistics (NBS) show that Nigeria’s economy grew by 4.23% due to increased oil output and other sectors. The NUPRC’s statement emphasized that the report on the alleged N8.4 trillion oil theft lacked proper context and was speculative. The Commission’s efforts to combat oil theft have yielded positive results, and the decreased losses demonstrate the effectiveness of their collaborative approach.
