Nigeria records loss of ₦151.78billion crude oil monthly

Obinwannem News Nigeria records loss of ₦151.78billion crude oil monthly

Nigerian National Petroleum Corporation (NNPC) on Wednesday revealed a loss of 200,000 barrels of crude oil on daily basis.

Brent oil was up to $66.75 per barrel on Wednesday, while dollar is exchanged at ₦379.

Presumably, this indicates the country was losing about ₦151.79 bn in 30 days, going by the daily loss of 200,000 barrels of crude oil as revealed by NNPC.

Group Managing director Mele Kyari disclosed the volume of crude oil lost daily in Nigeria, while speaking at a meeting with the chief of defence staff, major general Lucky Irabor.

Mele quoted in a statement issued in Abuja by NNPC, presented by the spokesperson, Kennice Obateru stated, “We have two sets of loses, one coming from our products and the other coming from crude oil.

“In terms of crude loses, it is still going on. On the average, we are losing 200,000 barrels of crude oil everyday.”

While commending NNPC efforts, Irabor promised to galvanize the military to provide maximum security for the nation’s oil and gas assets.

He also acknowledged the role of the oil and gas sector to the economy, saying there was need for collaboration between NNPC and the armed forces to protect oil and gas intentions.

Relatively, a professor of law at the University of Lagos, Dayo Ayoade has said the federal government was losing huge revenue in the upstream sector through the inadequacy of the measurement infrastructure.

Between 2009 and 2019, the lecturer said, the nation lost 500 million barrels of crude oil valued at $44.7bn which was not assessed for royalty and tax.

Disclosing this at a virtual meeting on illicit finacial flows, organized by the independent corrupt practices and other related offences commission in Abuja on Wednesday, Ayoade pointed out that Nigeria currently relied on crude oil producers for determination of crude oil volumes.

He said, “Nigeria currently replies on holders and producers of crude oil for determination of volumes of crude oil”.

Lolo Ijeoma Njoku reporting, Obinwannem News