The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected a report that claimed oil theft amounted to N8.41 trillion. The commission says the report misinterprets crude‑loss statistics for the period from 2021 to July 2025, which were released transparently in accordance with the Petroleum Industry Act 2021.
Previously, the NUPRC reported that daily crude‑oil losses had fallen to 9,600 barrels per day—the lowest level since 2009. This decline is credited to coordinated action by the NUPRC, the Office of the National Security Adviser, the military, operators and other stakeholders. Recent data from the National Bureau of Statistics also show that Nigeria’s economy grew by 4.23 percent, largely driven by higher oil output.
The commission argues that the alleged N8.4 trillion theft figure lacks proper context and is speculative. Crude‑oil losses have dropped by more than 90 percent, from 102,900 barrels per day in 2021 to the current 9,600 barrels per day, thanks to these collaborative efforts. The report’s use of an exchange rate of N1,500 per US $1 is also contested as inaccurate and intended to sensationalise the losses.
Furthermore, the NUPRC criticises the report’s methodology, saying it shows a limited understanding of oil‑field operations, crude‑price trends and exchange‑rate mechanisms. The commission notes that Nigeria has continued to meet its OPEC quota, reflecting the success of initiatives such as the one‑million‑barrel‑per‑day project, metering audits and the restoration of shut‑in strings, all of which have helped reduce losses.
The NUPRC is working to unlock the country’s potential to produce over two million barrels per day, aiming for a better operating environment and greater social inclusion in oil‑producing areas. The disputed report has raised questions about the accuracy of oil‑theft figures in Nigeria, and the NUPRC’s clarification highlights the ongoing efforts to combat crude‑oil theft and the progress achieved so far. Accurate reporting remains essential for understanding the challenges and successes in the nation’s oil and gas sector.
Comments are closed for this story.