Oil theft has reduced, Tinubu says

President Bola Tinubu says oil theft has declined in Nigeria, attributing the improvement, alongside growth in the oil and non-oil sectors, to the country’s improved economic performance.

Join the Premium Times WhatsApp Community For Quick Access To News and Happenings Around You.

Open in WhatsApp

Mr Tinubu disclosed this while addressing Nigerians on Thursday to commemorate the country’s 66th Independence Day, where he highlighted his administration’s economic achievements and outlined its priorities for the years ahead.

He said the Nigerian economy grew by more than four per cent in 2026, inflation declined substantially from its peak, foreign reserves increased, and the foreign exchange market stabilised.

According to the president, Nigeria also recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion, reflecting the growing contribution of Nigerian businesses to the economy.

“Both oil and non-oil sectors have contributed to the renewed period of stable growth,” Mr Tinubu said, adding that the reduction in oil theft had contributed to improvements in the oil sector.

Oil theft and pipeline vandalism remain major challenges to Nigeria’s oil and gas industry, causing substantial revenue losses, production disruptions, and higher costs to secure and maintain petroleum infrastructure.

The president’s call to curb oil theft comes amid the federal government’s efforts to improve crude oil production, strengthen pipeline security, and attract fresh investment into the sector.

Stay Ahead with Premium Times

Add as a preferred source on Google

Oil sector reforms, investment

Reforming the oil and gas sector has been a major focus of the Tinubu administration since it assumed office in May 2023, particularly after the removal of the petrol subsidy and changes to the foreign exchange market.

The reforms have coincided with renewed investor interest in Nigeria’s oil and gas industry, including exploration and development opportunities in shallow-water, deepwater and offshore assets.

Major international oil companies, including Shell and TotalEnergies, have continued to pursue investment opportunities in Nigeria’s energy sector, amid efforts to optimise their portfolios and develop new projects.

The government has also sought to improve the operating environment for oil and gas companies through policy reforms, regulatory changes and efforts to address security challenges affecting production and infrastructure.

Mr Tinubu defended his administration’s economic reforms, arguing they had addressed longstanding structural weaknesses in the economy, despite the hardship Nigerians have experienced.

He likened the reforms to medical treatment for a serious illness, saying previous administrations had focused on addressing the symptoms of economic problems rather than tackling their underlying causes.

READ ALSO: Tinubu pledges to lower food, transport costs through support for farmers

The president urged Nigerians to sustain the reforms, warning against a return to what he described as inefficient subsidy arrangements that placed considerable pressure on public finances.

He said the government had completed the emergency phase of economic reforms and was now focused on translating economic stability into improved living conditions, employment opportunities and higher productivity.