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Oil Theft: Sept Crude Oil Production Drops By 24.73%
Nigeria’s crude oil production crashed by 24.73percent in September 2022 to 937,766 barrels per day, compared to 1.246million barrels per day recorded over the corresponding month in 2021, the latest data from the Federal Government has shown.
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, crude and condensate production for September 2022 was 1.137million barrels per day, compared to 1.179million barrels produced in August 2022.
Condensate productions are not part of Nigeria’s quota set by OPEC at 1.8million barrels per day.
NUPRC data showed that the highest production in September came from Qua Iboe at 4.976million barrels followed by Escravos at 3.272million barrels during the month.
With the country battling to curb the activities of oil thieves and pipeline vandals that have crippled its oil industry, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, has explained that what is stolen is not the difference between OPEC quota and the production figure.
Kyari disclosed that all major oil trunk lines have been shut down due to the activities of oil thieves and pipeline vandals.
“Today our production is around 1.23million barrels per day. We have a proven production capacity of 2.49mbpd. But since COVID abated and the acts of vandals returned, we saw this gradual decline in our production to the point of 1.2mbpd.
“That means we can easily produce 2.49mbpd but we can’t do it because of acts of vandals. Now, it doesn’t mean that the difference between 2.49million and 1.23milliom is stolen. As we speak, all our major trunk lines are shut down, which means we are not flowing crude oil in these lines. We could do it and it doesn’t mean crude is stolen. When the lines are running, you can lose a substantial part of that volume up to 200,000 barrels.
“In actual losses today, our budget level plan is to produce at 1.8mbpd and if you are doing 1.23m it means you are losing the difference between 1.23million and 1.8million which is around 600,000 barrels per day. This is an opportunity lost, not stolen”, he added.
Concerned by dwindling oil production, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed its determination to take bold and revolutionary steps, using a non-kinetic approach, to address the challenges of crude oil theft, improve national crude oil production and save the country’s economy from further degeneration.
NUPRC Chief Executive, Engr. Gbenga Komolafe, explained that although the commission was not an operator/producer, it has a statutory responsibility as a regulator to probe into the situation and seek drastic solutions to the challenges as the current situation has seriously affected the country’s economy and posed a huge challenge to the funding of the national budgets.
He said “The commission will do everything within its authority to challenge the narrative and halt further degeneration by ensuring transparency in hydrocarbon accounting.
“One of the steps, in line with its technical and regulatory powers, is to probe into the operational and commercial activities of exploration and production companies operating within the country to ascertain the level of compliance with the terms and conditions in their operational contracts, as well as the challenges impeding expected deliveries.
“The commission will particularly be interested in the mode of operation of the companies in relation to the approvals as per their operational licenses, the level of conformity with the technical provisions and production terms, their level of investments to enhance capacity utilization, and the challenges they are facing, especially those contributing to the current unacceptable situation”.
He stressed that the commission will be “engaging all the exploration and production companies individually to get to the root of the current situation as it believes strongly that there might be more fundamental issues in the industry affecting expected output and deliveries beyond the much-touted issue of crude theft.
“Already invitations have been extended to all the operators for the engagement during which they would be expected to present their work programme performance, acreage status, divestment plans (if any), field development plan, FDP, implementation status, Upstream investment in the last five years, exploration activities including geophysical acquisition/processing/re-processing, leads and prospects maturation plans; and exploratory wells drilled in the last five years,” he added.
The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.
The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.
According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.
“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.
“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.
The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.
Olumekun disclosed that final testing of the portal would be completed within the next week.
“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.
“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.
“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.
“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.
In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.
President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.