NUPRC Disputes N8.4tn Oil Theft Report, Cites 90% Reduction in Crude Losses

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) refuted a report claiming an N8.4 trillion oil theft, stating that crude losses have reduced by 90% in four years. The NUPRC clarified that daily crude oil loss dropped to its lowest since 2009, attributing the decrease to collaborative efforts with relevant stakeholders.

The report in question was criticized for lacking context and misinterpreting statistics. The NUPRC emphasized its commitment to transparency in line with the Petroleum Industry Act.

The National Bureau of Statistics also corroborated the reduced crude oil losses, indicating positive growth in Nigeria's economy.