Crude oil losses dropped 90% in four years, NUPRC insists

By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed reports claiming Nigeria mislaid N8.41 trillion to lipid theft, describing them arsenic misleading and based connected misinterpretation of authoritative data.

In a connection signed by its Head of Media and Strategic Communications, Eniola Akinkuotu, the Commission said the figures misrepresented crude lipid nonaccomplishment statistic published betwixt 2021 and July 2025 arsenic portion of its transparency thrust nether the Petroleum Industry Act (PIA) 2021.

NUPRC recalled that connected September 11, 2025, it reported that regular crude lipid losses had dropped to 9,600 barrels per day—the lowest level since 2009. This, it noted, was corroborated by the National Bureau of Statistics (NBS), which attributed Nigeria’s 4.23 percent GDP maturation successful its latest study mostly to higher crude output.

The regulator stressed that crude lipid theft has declined by much than 90 percent successful 4 years, falling from 102,900 barrels per time successful 2021 to 9,600 barrels per time successful 2025. It credited the betterment to associated efforts with the Office of the National Security Adviser, information agencies, lipid operators, and different stakeholders done some kinetic and non-kinetic interventions.

It besides faulted the methodology down the inflated estimates, pointing retired that the speech complaint of N1,500/$1 was wrongly applied retroactively to 2021–2025 figures, exaggerating the losses. The Commission explained that during astir of the play successful question, the naira traded beneath N430/$1 and averaged little than N600/$1 up to mid-2023.

“The methodology adopted is importantly flawed due to the fact that it lacks an in-depth knowing of operations, crude lipid terms trends, and speech complaint mechanisms,” the Commission stated.

NUPRC further noted that ongoing reforms person positioned Nigeria to consistently conscionable its OPEC accumulation quota, driven by initiatives specified arsenic Project 1 Million Barrels, metering audits, restoration of shut-in strings, accrued rig counts, and alternate evacuation systems.

The bureau added that Nigeria present has the method capableness to nutrient implicit 2 cardinal barrels per time and is moving with operators, work providers, rig owners, off-takers, and financiers to unlock that potential.

The station Crude lipid losses dropped 90% successful 4 years, NUPRC insists appeared archetypal connected Vanguard News.