The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted claims that oil theft amounts to N8.41 trillion. The commission says the figure results from a misinterpretation of crude‑loss statistics for the period 2021 to July 2025, which were released to promote transparency and comply with the Petroleum Industry Act of 2021.
On 11 September 2025, the NUPRC announced that daily crude‑oil losses had fallen to 9,600 barrels per day—the lowest level since 2009. This achievement was widely reported and accurately reflects the progress made in curbing oil theft. In a statement issued by Head of Media and Strategic Communications Eniola Akinkuotu, the commission highlighted the collaborative efforts of the NUPRC, the Office of the National Security Adviser, the military, operators and other stakeholders. Their joint actions have reduced oil theft from 102,900 barrels per day in 2021 to the current 9,600 barrels per day, a decline of about 90 %.
The commission also pointed out discrepancies in the report alleging massive oil theft, notably the use of an exchange rate of N1,500 per US $1 for the 2021‑2025 period, which inflated the monetary estimate. In reality, Nigeria’s official exchange rate was below N430 per dollar and averaged around N600 per dollar between 2021 and mid‑2023.
According to the latest figures from the National Bureau of Statistics, Nigeria’s economy grew by 4.23 % thanks to increased oil output and gains in other sectors. The NUPRC emphasized that the report on the alleged N8.4 trillion loss lacked proper context and was speculative. The commission’s continued efforts to combat oil theft have yielded positive results, and the reduced losses demonstrate the effectiveness of their collaborative approach.
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