Mkpoikana Udoma
Port Harcourt — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says crude oil theft in the country has dropped by over 90 percent in the last four years, crediting a blend of regulatory reforms, security collaboration, and industry resilience for the turnaround.
Reacting to a news report which pegged crude oil losses at N8.41 trillion, the Commission dismissed the figures as misleading and inconsistent with Nigeria’s operational and economic realities.
“Crude oil losses have been on a steady downward trend due to collaborative efforts between the NUPRC, the Office of the National Security Adviser, the military, operators and other stakeholders. From a staggering 102,900 barrels per day in 2021, losses are now at 9,600 barrels per day, representing over 90 percent reduction,” the Commission said in a statement.
The regulator insisted that the disputed figures were exaggerated by applying a uniform exchange rate of N1,500/$1 across the 2021–2025 period, despite official rates averaging below N600/$1 during most of the years under review.
“The N8.41 trillion quoted is therefore inaccurate. Attempting to situate it within the current 2025 federal budget is flawed and misleading,” NUPRC stressed.
The Commission noted that the industry’s progress was already validated by recent National Bureau of Statistics, NBS, data showing Nigeria’s economy expanded by 4.23 percent in Q2 2025, driven largely by oil sector recovery.
It also listed reforms and initiatives that helped restore confidence, including the “Project 1 Million Barrels” drive, metering audits, restoration of shut-in strings, increased rig counts, and alternative evacuation routes.
“Nigeria now has the technical capacity to produce above two million barrels daily. We are galvanizing operators, service providers, rig owners, off-takers, and financiers to fully unlock this potential,” the statement read.
The Commission criticized the newspaper for failing to seek clarification before publication, saying balanced reporting was vital to safeguarding investor confidence.
“The story fails the integrity test as no attempt was made by the reporter to get clarification from the Commission. We urge the media to always seek clarifications whenever the need arises,” NUPRC advised.
