BY ABUBAKAR H. MUHAMMAD, NOVEMBER 1, 2021 | 03:30 PM
Nigerian government has lost a trillion in less than a year due to pipeline vandalization and theft of petroleum products in the country.
Documents from the Nigerian National Petroleum Company Limited, NNPC, indicated that the industry has within January to September lost more than N898.93 billion to crude oil losses and repairs of vandalized pipes, reports say.
Punch Newspaper reported on Monday that about N41 billion was spent on pipeline repairs within the period, the highest being in the month of July, while over N800 billion worth of crude oil was lost, recording the highest in September.
According to these reports, sabotage on oil installations and pipelines, community interference and production shutdown are among the things that resulted in the losses recorded.
On production shortage, NNPC said the temporary suspension of operations at different periods within the time and third-party interferences has also effected its operation and hence, gave birth to further losses.
A total of N1.78tn was also deducted by NNPC from its remittances to the Federation Account Allocation Committee, FAAC, from January to October.
The deduction took a bigger turn in the month of October with N299.64 billion, more than the months of January to June combined.
However, NNPC has said in its earlier financial and operations report that it is collaborating with local communities and other stakeholders aiming to reduce, and eventually eliminate the menace of pipeline vandalism nationwide.
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