The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed recent reports claiming an oil theft loss of N8.41 trillion, calling the figures a result of “misinterpretation” of official crude loss statistics spanning 2021 to July 2025.
In a statement released Wednesday, the Commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, clarified that the reported figures stemmed from a misunderstanding of data published by NUPRC itself in adherence to transparency mandates under the Petroleum Industry Act, 2021.
On September 11, 2025, the Commission announced that daily crude oil losses had fallen dramatically to 9,600 barrels per day, the lowest since 2009. This milestone was widely reported and accurately reflected the progress made in combating oil theft.
Akinkuotu pointed out that this positive trend has been supported by recent data from the National Bureau of Statistics (NBS), which recorded a 4.23% growth in Nigeria’s economy, largely attributed to increased oil production alongside gains in two other sectors.
The NUPRC criticized the alleged N8.4 trillion oil theft report as “specious” and lacking proper context. Key points include:
- Crude oil losses have plummeted by over 90% from 102,900 barrels per day in 2021 when NUPRC was established to the current 9,600 barrels daily, thanks to concerted efforts involving NUPRC, the Office of the National Security Adviser, the military, oil operators, and other stakeholders.
- The contentious report inflated losses by applying a fixed exchange rate of ₦1,500 to $1 over the entire 2021–2025 period, ignoring that the official exchange rate was below ₦430/$1 and averaged around ₦600/$1 during most of that time.
The Commission reaffirmed its commitment to combating oil theft and ensuring transparency in the petroleum sector, urging the public to rely on verified data from official sources.
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