Oil and Gas

Oil Theft: ‘Nigeria loses $150m every two days’

The Nigerian National Petroleum Company Limited Chief Financial Officer, Umar Ajiya, said the country loses $150 million every two days.

Ajiya who made the claim on Wednesday during an interview on Arise TV blamed vandalism and oil theft for the loss.

According to Ajiya, NNPC which declared a profit was ₦674 billion in 2021 can record higher profits if not for oil theft and vandalism that massively impacted its capacity to make higher profits like other oil-producing countries

He said that based on the current production average of 1.2 million barrels per day against the 1.8 million bpd Organisation of Petroleum Exporting Countries’ quota, the country was losing almost $150 million to vandals every two days.

“Every two days, you are talking of almost $150 million down the drain, that’s what the nation is losing as we speak,” he said

He further said Nigeria was suffering underproduction to the tune of 600,000bpd.

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