NUPRC refutes N8.4trn oil theft claim, says crude losses down 90% in four years
The commission described the report as a misinterpretation of its crude loss data for 2021 to July 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a report titled “N8.41tn oil theft drains economy, fuels investors’ doubts,” published on the front page of a national daily on Wednesday, September 24.
In a statement on Wednesday, the commission described the report as a misinterpretation of its crude loss data for 2021 to July 2025.
It said the figures, which were released in line with the Petroleum Industry Act (PIA) 2021 to promote transparency, were wrongly presented.
The NUPRC recalled that on September 11 it publicly announced that daily crude oil losses had fallen to 9,600 barrels per day, the lowest level since 2009, a development widely and accurately reported at the time.
The commission added that the latest National Bureau of Statistics (NBS) data, showing Nigeria’s economy grew 4.23 percent on the back of increased oil output, further confirms the industry’s progress in curbing crude theft.
It faulted the report on several grounds, noting that collaborative efforts with the office of the national security adviser (ONSA), the military, operators, and other stakeholders have cut crude theft from 102,900 barrels per day in 2021 to 9,600 barrels per day in 2025, a drop of more than 90 percent.
The NUPRC said the newspaper’s calculation used an exchange rate of N1,500/$1 across the 2021–2025 period to inflate losses, even though the official rate averaged below N430/$1 and the parallel market hovered around N600/$1 for much of that time.
“The claim of N8.41 trillion is therefore inaccurate and misleading,” NUPRC said, adding that comparing it to the 2025 federal budget is baseless.
The commission said the report failed to account for operational realities, crude price trends, and exchange-rate movements.
It added that Nigeria has consistently met its Organisation of Petroleum Exporting Countries (OPEC) quota through NUPRC-led initiatives such as project 1 million barrels, metering audits, restoration of shut-in strings, increased rig counts, improved facility uptime, and alternative evacuation systems.
“With technical capacity now above two million barrels per day, the commission is working with operators, service providers, financiers, and local communities to unlock further potential in a more stable operating environment,” it added.
NUPRC also criticised the report for lacking balance, noting that no attempt was made to seek clarification from the Commission before publication.
“We urge the media to seek verification, when necessary,” the statement said, adding that inquiries can be directed to corpcommunications@nuprc.gov.ng.
