Economy
Nigeria Cuts Crude Oil Theft to 5,000 Barrels Per Day
By Adedapo Adesanya
Nigeria has adequately reduced the amount of crude oil lost to theft by 95 per cent to as low as 5,000 barrels per day at the end of 2024, from a high of up to 108,000 barrels per day in first quarter of 2022.
This was disclosed by the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, while speaking in Abuja over the weekend.
According to Mr Komolafe, the reduction is a major boost for the 2025 budget as Nigeria aims to produce 2.06 million barrels per day this year, at an international crude oil price of $75 per barrel.
The country also aims to reduce deficit financing for the over N54 trillion budget this year.
Mr Komolafe stated that due to the renewed onslaught on oil theft, crude production in Nigeria now averages 1.75 million barrels per day, with gas production now hitting 7 billion standard cubic feet per day (scfd).
“Oil theft averaged 108,000 bpd in Q1, 2022 resulting in the shutdown of trunklines (TNP, TFP, NCTL etc).
He noted that production dropped to as low as one million barrels per day in September 2022 (loss of around 600, 000 barrels per day) due to the shutdown of the trunk lines.
“Oil theft has significantly reduced due to the ongoing kinetic and non-kinetic intervention by the government. The oil theft which averaged about 12,000 barrels per day in the last 24 months further reduced to 5,000 barrels per day in the last quarter.
“Whereas the production fluctuated around 1.5 million barrels per day, the sustained fight against oil theft has resulted in steady increase in production. We were able to restore and sustain the production to 1.7 barrels per day. Efforts are ongoing to increase the production by l million bpd by December 2026,” Mr Komolafe stated.
He emphasised the need for a paradigm shift to position Nigeria as a leader in energy security and economic growth, highlighting several reforms and achievements in Nigeria’s oil and gas sector.
On Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, and that the country stands as the continent’s second-largest oil reserve holder.
In the same vein, he stated that Nigeria has the largest gas reserves standing at 209 Trillion Cubic Feet (TCF), with oil reserves estimated at 37.5 billion barrels.
The NUPRC boss stated that since the enactment of the Petroleum Industry Act (PIA) in 2021, the commission had driven several initiatives to enhance regulatory effectiveness and attract investments.
The commission, he said, unveiled its 10-year regulatory and corporate strategic plan (2023–2033) in May 2023, followed by a regulatory action plan for 2024, detailing key industry reforms.
These reforms, according to him, focus on increasing oil and gas reserves and production, enhancing hydrocarbon accounting transparency and achieving cost efficiency and decarbonisation in upstream operations.
On the 2024 licensing round and investment drive, Komolafe highlighted that NUPRC launched its 2024 round, offering 24 oil and gas assets to investors, explaining that to attract global participation, the commission held roadshows in Houston, Miami, London and Paris, showcasing Nigeria’s energy potential.
He said the government aims to increase production by 1 million barrels per day by December 2026 under the Project 1 MMBOPD Initiative, leveraging collaboration among operators, service providers, financiers and host communities.
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
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