Economy
Nigeria Losing $700m Monthly to Oil Theft—NNPC
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has said that Nigeria is currently losing 470,000 barrels per day of crude oil amounting to $700 million monthly due to oil theft.
A statement by the NNPC said that Mr Bala Wunti, the Group General Manager, National Petroleum Investment Management Services (NAPMS), made this disclosure while speaking during a tour of the facilities of the NNPCL.
Mr Wunti said the pipelines particularly those around Bonny terminal cannot function due to the activities of criminals.
He also argued that the number of barrels stolen daily is very huge, adding that about 270 barrels per day that were supposed to be loaded in Bonny are no longer going to be loaded because of theft.
“If you’re producing 30,000 barrels a day, every month, you get 1,940 barrels. So what it means is that you can take it to 270 every four days, calculate it in a month; you will have seven cargos on a million barrels, that’s seven million barrels,” he said.
“When you multiply seven million barrels by $100 that is $700 million lost per month and about 150,000 barrels expected are differed; we are not producing due to security challenges,” he added.
The official noted that “the Shell Petroleum Company (SPDC) trunk line, TNP transnational pipeline cannot be operated and this has been like this since March the 3rd that we put in this. Just take your calculator, 150,000, it means if you want to arrive at 1 million barrels per day, it means every week as a minimum, basically for one week alone, it’s four cargo and four cargo is four million barrels. Four million barrels formula bar or $100 is $400 million.
“So, you can do your calculations by yourself, take whatever price you want, take this to multiply by the number of days that have been shortened since March 3rd.”
The NNPC official said Forcados is not completely secure due to some challenges, but assured that they were addressing it, and in two weeks it may be fixed.
“But we also have Brass about 100,000 barrels, which is operated by Agip and is also facing insecurity and vandalism,” he said.
He said the impact of vandal activities caused low crude oil production, interrupted gas supply, countrywide interruption of distribution of petroleum products, refineries’ downtimes, and increasing instability in the oil and gas market.
“I will tell you the major thing that affects us. Nigeria will suffer for it; the revenues are impacted, so we can only appeal to them to rein in themselves, the oil theft situation is regrettable. It’s not going on across the whole of the Niger Delta, there are trunk lines that are more impacted on, I think the Bonny trunk line ranks highest.
“Our major challenge as a country is our capability to respond and that is as a result of several factors, the terrain as well as some incapacity that we have.”
Continuous oil theft and infrastructural deficit have seen Nigeria lose its status as Africa’s top oil producer, sitting behind Angola.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
By Adedapo Adesanya
Oil prices climbed on Monday’s short trade as the United States and Iran threatened more attacks, as the two countries are engaging in indirect talks that could lead to the de-escalation of hostilities.
Brent crude futures settled at $109.77 a barrel after chalking up 74 cents or 0.68 per cent, while the US West Texas Intermediate (WTI) crude futures traded at $112.40 after growing by 87 cents or 0.78 per cent.
The US and Iran received a framework from Pakistan to end hostilities, but this was rejected by Iran, especially the idea of immediately reopening the strait after President Donald Trump threatened to rain “hell” on the nation if it did not make a deal by the end of Tuesday.
Iran said it had formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.
The US is eyeing an agreement to open the crucial Strait of Hormuz, the shipping artery used by one-fifth of the world’s oil and gas supply, but the strait, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the U.S.-Israel attacks began on February 28.
Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the strait since Thursday.
Meanwhile, major oil consumers, particularly in Asia, are conserving barrels or cutting consumption in response to the closure of the strait.
The Middle East supply disruptions have led refiners to seek alternative sources for crude, particularly for physical cargoes in the US and Britain’s North Sea.
Indian refiners have also postponed maintenance shutdowns of their units to meet local fuel demand.
On Sunday, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a modest rise of 206,000 barrels per day for May. However, this will only appear on paper as the disruption is limiting the ability of the top producers to add the needed output.
OPEC’s combined oil output losses for March were estimated at 7.2 million barrels daily. The biggest production cuts were made by Kuwait, Iraq, the United Arab Emirates, and Saudi Arabia, for a total OPEC output of 21.57 million barrels daily for March. This is the lowest OPEC production rate since June 2020.
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