Oil Theft, Vandalism Cost FG N13billon In One Month

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The Nigerian National Petroleum Corporation, NNPC has revealed that Nigeria has lost N12.566 billion in one month due to  petroleum products theft and vandalization of its facilities.

Giving a breakdown of the losses, the state-run oil corporation, in its Monthly Financial and Operations Report for March 2016, disclosed that crude oil loss amounted to N5.94 billion; petroleum products losses stood at N1.757 billion, while N4.87 billion was spent on pipeline repairs and management cost.

According to the report, the losses negatively impacted NNPC’s transfer to the Federation Account from the domestic sale of crude oil and gas.

Specifically, the report noted that transfers to the Federation Account by the NNPC slumped by N9.23 billion to N69.544 billion in March, compared N76.614 billion recorded in the preceding month.



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