The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a report by The PUNCH newspaper which claimed that oil theft drained N8.41 trillion from the economy, insisting the figures were grossly misrepresented.
In a statement signed by the Head, Media and Strategic Communications, Eniola Akinkuotu, the Commission said the report was based on a misinterpretation of crude loss statistics between 2021 and July 2025, which were originally published by the NUPRC in the spirit of transparency and in line with the Petroleum Industry Act, 2021.
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The Commission stressed that crude oil losses have been on a consistent decline in recent years owing to its collaboration with the Office of the National Security Adviser, the military, and operators in the oil industry.
“Firstly, crude oil losses have been on the downward trend due to collaborative efforts between the NUPRC, the Office of the National Security Adviser, the military, Operators and other relevant stakeholders. This collaboration through both kinetic and non-kinetic means, dropped oil theft from a staggering 102,900 in 2021 – when the Commission was established – to the current 9,600bopd representing over 90% reduction in losses,” the statement read.
“Also, in the misleading report, an exchange rate of N1,500/$1 is used from 2021 to 2025 to increase the figures and sensationalize actual losses when in actual fact, Nigeria’s exchange rate was less than N430 on the official market and barely N600/$1 on average between 2021 (when most of the crude theft occurred) and in mid-2023. The N8.41 trillion is therefore inaccurate. Attempting to situate it within the current 2025 federal budget is flawed.”
“Furthermore, the methodology adopted by the Newspaper is significantly flawed because it lacks in-depth understanding of operations, crude oil price trends and exchange rate mechanisms,” the Commission added.
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NUPRC also pointed out that Nigeria has continued to meet its OPEC quota through targeted initiatives such as the “Project 1 Million Barrels,” facility uptime improvements, metering audits, restoration of shut-in strings, and the development of alternative crude evacuation mechanisms.
“Furthermore, Nigeria now has the technical capacity to produce above two million barrels daily. The Commission is galvanizing Industry stakeholders – Operators, service providers (local and international), rig owners, off-takers, and financiers – in order to fully unlock the potential, riding on the improved operating environment and social inclusion in operating areas,” the statement added.
The Commission further criticized The PUNCH for failing the “integrity test” by not reaching out for clarification before publication. It urged media organizations to seek clarifications whenever necessary and directed inquiries to its corporate communications unit.
