Abuja — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a front-page report by The PUNCH alleging that crude oil theft drained N8.41 trillion from the economy and eroded investor confidence.
In a statement on Wednesday, the regulator described the report — titled “N8.41tn oil theft drains economy, fuels investors’ doubts” — as a misrepresentation of official statistics released by the commission between 2021 and July 2025.
According to NUPRC, the figures cited in the publication ignored context and failed to reflect recent progress in curbing crude theft. The commission recalled that it had, on September 11, announced a reduction in daily crude oil losses to 9,600 barrels per day, the lowest level since 2009. That disclosure, NUPRC noted, was widely and accurately reported across the media.
The commission also pointed to fresh data from the National Bureau of Statistics (NBS), which showed that Nigeria’s economy grew by 4.23 per cent in the second quarter of 2025, driven largely by increased oil output alongside growth in two other sectors.
“Crude oil losses have been on a downward trajectory due to collaborative efforts involving the Office of the National Security Adviser, the military, operators, and other stakeholders,” the statement read. “Theft has declined from 102,900 barrels per day in 2021 — when the Commission was established — to 9,600 barrels per day today, representing over 90 per cent reduction.”
The regulator faulted The PUNCH’s methodology, particularly its use of an exchange rate of N1,500/$1 across the four-year period to calculate the alleged N8.41 trillion loss. NUPRC argued that the prevailing official rate between 2021 and mid-2023 was below N600/$1, with the figure of N430/$1 in 2021. Applying today’s exchange rate to historical data, it said, “sensationalizes the actual losses and distorts reality.”
Beyond the numbers, the commission said the publication lacked balance, stressing that the reporter did not seek clarification from the agency before going to press.
Highlighting reforms under its watch, NUPRC listed initiatives such as Project One Million Barrels, metering audits, restoration of shut-in strings, increased rig counts, facility uptime improvements, and alternative crude evacuation mechanisms. These measures, it said, have positioned Nigeria to consistently meet its OPEC quota while restoring investor confidence.
The commission added that Nigeria now has the technical capacity to produce more than two million barrels per day and is working with operators, service providers, rig owners, off-takers, and financiers to fully unlock the sector’s potential.
“The story in question fails the integrity test,” NUPRC insisted. “Our figures are transparent and verifiable, and the progress in reducing oil theft is evident in the performance of the economy.”