By Francis Ajuonuma
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a report by The PUNCH newspaper alleging that Nigeria lost N₦8.41 trillion to oil theft between 2021 and July 2025, describing the figure as misleading and sensational.
In a statement issued by the Commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, NUPRC clarified that daily crude oil losses have dropped to 9,600 barrels per day — the lowest since 2009 — representing a more than 90 percent reduction from the 102,900 barrels per day recorded in 2021 when the Commission was established.
According to the statement, the sharp decline was achieved through joint efforts with the Office of the National Security Adviser, the military, operators, and other stakeholders, employing both kinetic and non-kinetic measures to combat crude theft.
“The figure of N₦8.41 trillion is not only inaccurate but based on flawed methodology,” Akinkuotu stated.
“The report wrongly applied today’s exchange rate of N₦1,500/$ to past years when official rates averaged below N₦430/$ in 2021–2022 and about N₦600/$ in 2023, thereby exaggerating actual losses.”
The Commission maintained that Nigeria has continued to meet its OPEC production quota due to initiatives such as Project 1 Million Barrels, metering audits, restoration of shut-in wells, increased rig counts, improved facility uptime, and the development of alternative evacuation systems.
It further stressed that Nigeria now has the technical capacity to produce above two million barrels per day, with stakeholders being mobilised to unlock this potential.
NUPRC also faulted the newspaper for failing to seek clarification before publishing such sensitive data.
“We urge media organizations to verify information with the Commission before going to press, in the spirit of fairness and balanced reporting,” the statement added.
Akinkuotu concluded by reaffirming the Commission’s commitment to transparency and investor confidence: “NUPRC remains dedicated to safeguarding Nigeria’s crude oil output, sustaining economic growth, and ensuring that the industry continues to serve the best interests of Nigerians.”
