The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly denied a newspaper report claiming that N8.41 trillion was lost to oil theft between 2021 and 2025, stating that collaborative efforts have instead reduced crude losses by 90% in the last four years.
The commission’s rebuttal follows a front-page story which the NUPRC described as a “misinterpretation” of data it had released transparently in compliance with the Petroleum Industry Act (PIA) 2021.
In a statement issued on Thursday by its spokesperson, Eniola Akinkuotu, the commission argued that the report was “specious” and “lacked proper context.” Contradicting the alleged massive losses, the NUPRC pointed to its own data showing daily crude oil losses have plummeted to 9,600 barrels per day (bopd)—the lowest level since 2009.
This figure marks a dramatic decrease from the staggering 102,900 bopd lost in 2021 when the NUPRC was established, representing a reduction of over 90%. The regulator cited its vindication in the latest National Bureau of Statistics (NBS) report, which credited increased oil output as a key driver of Nigeria’s 4.23 per cent economic growth.
The NUPRC heavily criticised the methodology used to arrive at the N8.41 trillion figure. It accused the report of using a uniform exchange rate of N1,500/$1 from 2021 to 2025 to “sensationalise” the losses, clarifying that the official rate was below N430/$1 for most of that period. The commission also stated the report displayed a lack of depth in understanding oil price trends and upstream operations. The commission attributed the success in reducing losses to a sustained collaboration between its office, the Office of the National Security Adviser, the military, and oil operators using both kinetic and non-kinetic strategies. The NUPRC concluded by stating that the newspaper failed the “integrity test” as its reporter did not seek clarification from the commission before publication.
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