BEVERLY HILLS, June 18, (THEWILL) – Nigeria has lost $48 million to pipeline vandalism and crude oil theft between January and June, 2020.
This was revealed by the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, who spoke in Abuja, saying the Federal Government requires $2billion to replace obsolete pipelines from Excravos to Kaduna.
Kyari spoke at an interactive session on “Exiting Petroleum Subsidy: Ensuring Self-Sufficiency in Domestic Refining of Petroleum Products” organised by the Senate Joint Committee on Petroleum Resources (Upstream and Downstream).
According to him, the loss of about $48 million worth of crude oil due to pipeline vandalism is lower when compared to similar losses in the past.
He said in 2018 and 2019 alone, the country lost $825 million and $725 million, adding that the reduction was because of the increased surveillance by the security agencies.
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He said pipelines are being destroyed within townships, not in the bush, with the active connivance of security agents, security contractors and community leaders.
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