September 24, (THEWILL) — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a report claiming that Nigeria lost crude oil worth N8.41tn to theft and metering deficiencies between 2021 and July 2025.
In a statement issued on Wednesday, the Commission described the report, published on the front page of The PUNCH on September 24, 2025, as misleading and based on a misinterpretation of crude loss statistics it released “in the spirit of transparency and in line with the Petroleum Industry Act, 2021.”
NUPRC recalled that on September 11, 2025, it announced that daily crude oil losses had dropped to 9,600 barrels per day, the lowest level since 2009.
It noted that the steady progress in curbing oil theft had contributed to Nigeria’s economic growth, with the National Bureau of Statistics (NBS) reporting a 4.23% expansion in the economy, largely driven by increased oil output.
The Commission stressed that crude oil losses had reduced significantly due to collaborative efforts with the Office of the National Security Adviser, the military, operators, and other stakeholders.
According to the NUPRC, theft fell from 102,900 barrels per day in 2021—when the Commission was established—to the current 9,600 barrels per day, representing over a 90% reduction.
It faulted the methodology used in the report, particularly the application of an exchange rate of N1,500/$1 across the 2021–2025 period to inflate figures.
The Commission pointed out that Nigeria’s official exchange rate during most of the period was below N430/$1 and averaged around N600/$1 up to mid-2023.
“The N8.41tn figure is therefore inaccurate, and attempts to situate it within the current 2025 federal budget are flawed,” the Commission stated.
It further argued that the report lacked an understanding of crude oil operations, pricing trends, and exchange rate mechanisms.
NUPRC also highlighted that Nigeria had consistently met its OPEC quota, thanks to initiatives such as Project 1 Million Barrels, implementation of metering audits, restoration of shut-in strings, increased rig counts, improved facility uptime, and the creation of alternative crude evacuation channels.
According to the Commission, Nigeria now has the technical capacity to produce over two million barrels of crude daily.
It added that it is working with operators, service providers, rig owners, off-takers, and financiers to unlock this potential.
Insisting that the report “fails the integrity test,” NUPRC faulted the newspaper for not seeking clarification before publication.
It urged journalists to engage the Commission for accurate information via corpcommunications@nuprc.gov.ng.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
