Efforts by the federal government to ramp up crude production has begun to yield significant results, with oil theft now reduced to as low as 5,000 barrels per day at the end of Q4, 2024, from a high of up to 108,000 bpd in Q1 of 2022.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, disclosed this at the weekend, while speaking at the ‘Renewed Hope Global Town Hall Conference’ in Abuja.
It is also a major boost for the 2025 budget as Nigeria aims to produce 2.06 million barrels per day this year, at an international crude oil price of $75 per barrel.
The country also aims to reduce deficit financing for the over N54 trillion budget this year.
Nigeria has long battled to end oil theft and pipeline vandalism in the Niger Delta, where it gets its crude, which accounts for up to 80 per cent of its annual export and as much as that percentage in foreign exchange earnings.
Nigeria’s oil theft and pipeline vandalism problem remains a long-standing issue that has severely impacted the country’s economy, security, and environment.
