Nigeria has lost N12.566 billion in one month due to petroleum products theft and vandalisation of the facilities of the Nigerian National Petroleum Corporation (NNPC), Vanguard reports.
Giving a breakdown of the losses, the NNPC, 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 affected 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 dipped by N9.23 billion to N69.544 billion in March, compared with N76.614 billion recorded in the preceding month.
No comments:
Post a Comment