The Nigerian National Petroleum Corporation said from January 2016 till date, government lost $7bn, about N2.1tn, to the activities of militancy groups and oil pipeline vandals in the Niger Delta region.

The Group Managing Director of NNPC, Dr Maikanti Baru, said this on Friday in Abuja at the 2016 Fiscal Liquidity Assessment Committee Retreat.

Baru made a presentation on “Global Oil Prices, Militancy and Terrorism and its Impact on Government Revenue in Nigeria’’.

He said that apart from security challenges in the region, politics, judiciary, oil prices and production cost continued to impact negatively on the oil industry.



He said, “Over 7000kpd of crude oil has been lost due to vandalism this year. A bulk of the loss is from JV assets.

“This implies that 60 per cent of oil production lost is NNPC-FGN equity.

“At an estimated price of 45 dollars per barrel, the total 2016 revenue loss to the Federation Account translates to about 7 billion dollars.

“This is money that the government could have used to achieve major infrastructural milestones.

“This loss is equivalent to a new 7,000mw power plant; new 350kpd refinery; over 30 per cent of National budget; and a new 1,700 kilometre pipeline.”

To resolve this, Baru said the NNPC planned to increase security of oil and gas assets, improve its community social responsibility and the Amnesty programme.

He said the NNPC planned “to renegotiate terms of Production Sharing Contract with deep offshore operating companies because with the current agreement, only 17.7 per cent of total revenue comes to government’’.

NAN

Source: http://punchng.com/fg-lost-n2tn-militancy-pipeline-vandalism-nnpc/

This is the handy-work of the SCAVENGERS. The THUNDER wey go fire una is still doing pressup.

God bless nigeria

Whose fault? Ofcourse Buhari

Even if the money weren't lost to militants, it would still be lost to our Politicians.

So everybody is now forcefully taking his own share of the national cake. Serves them right.

As if we cares... we can only know their negative side of story but when they gain, they pocket.




Sense Non.

richidinho:
Whose fault? Ofcourse Buhari

Why is it Buhari's fault
U are shooting yourself in the foot and blaming Buhari. There is God o

Xbee007:

Why is it Buhari's fault
U are shooting yourself in the foot and blaming Buhari. There is God o

It is buhhairi's fault n due to his useless utterances. He said alot about 97% n 5% dichotomy.
He also threatened the Niger Deltans.....to treat them like boko haram, even in their ancestral homes.
Besides, NNPC shld shut up. We only knw wen they lose trillions, but would share the money during oil boom!

To think that this was caused by the stupidity of the President's desire to look like a new one sheriff had arrived.

This is what you get when you try to form strength for a militant warlord in whose well you get your water supply.

When Buhari started pursuing Tompolo, people said, this is not wise,oil prices are down,lets chill first. His supporters kept edging him on, screaming new sheriff is in town.

Today, Nigeria has lost $7 billion and we have moved from the 3rd fastest growing economy in the world after China and Qatar to the worst economic situation ever in our history in just 18 months.


$7 billion would have built

1) 726 km of world class High speed railway at $100 million per km straight from Lagos to Abuja making it possible to do that journey in just 2hrs 45mins.

2) Build 1400km of state of the art expressways complete with Street lights at $5million per Km. That's Lagos to Calabar(718km) and Abuja to Port Harcourt

3) 200 world class hospitals across the country at $35million per hospital. There is currently no hospital in the country built with that kind of amount.

4)It would give 350,000 Nigerian Entrepreneurs $20,000(N9 million) each to boost their business and make them globally competitive.

5) It would buy a)100,000 tractors at $20k each. b) Build 800 agro storage points at $2 million each. c) Give 1 million farmers loans of $3000( N1.2million). This would cause the most amazing revolution in our agro history.

6) Build a brand new 400,000 barrels per day refinery.

7) Rebuild all 35+ Federal Universities at $200 million each making them without question the best in Africa.

magmack:

It is buhhairi's fault n due to his useless utterances. He said alot about 97% n 5% dichotomy.
He also threatened the Niger Deltans.....to treat them like boko haram, even in their ancestral homes.
Besides, NNPC shld shut up. We only knw wen they lose trillions, but would share the money during oil boom!

I hope buhari has come to his senses with the crocodile tears army??..

He thinks by military power he can control the niger delta..the region has gone past threats and even death..negotiation is the key..

With new proven reserves being appraised in the niger delta I hope buhari can see that the niger delta is still willing to feed the country if only he can bring himself down to talk to the people he claims he is leading..

It would have still been a loss if they were accrued to the FG. So it makes no difference.

We don't really care.

OK

niger delta has lost the following:

farmlands to oil spillage
lives to fire outbreaks
freedom to the nigeria army
lives to the nigerian army
chances of development to being prey by the northern illiterates.
homes to stupid daura led govt...

what is 2trn to compare 2 the above....the govt has approved fund and committee for northeast reconstruction but are still planing to attend to the need of niger delta where the money comes from...shame on you buhari

babyfaceafrica:
God bless nigeria

God will bless nigeria

NAH LIE!!!

The handwork of those never do good arm carrying scavengers, una generation go hear am make una no worry awon oloshi

Is a pity

Really?

Niger Delta militant are very dumb. Ok now tell me how has bombing pipeline helped us or the economy?

Buhari is a very stuupid man

Largas:
Even if the money weren't lost to militants, it would still be lost to our Politicians.

So everybody is now forcefully taking his own share of the national cake. Serves them right.

Correct guy!

Stop weeping,wisdom would have solved all the loses,just 400billion for the region and the boys would saved ur 2trillion.

looters and politicians lost u mean

Sugarhugs:
Niger Delta militant are very dumb. Ok now tell me how has bombing pipeline helped us or the economy?

before the bombings started has the life of the Niger delta people any better.

they went after tompolo ova alleged N3 billion contract, they ended up losing N2 trillion. wat a useless govt.

Who's fault is it?

deedeemob:
The handwork of those never do good arm carrying scavengers, una generation go hear am make una no worry awon oloshi

IPAF- Indigenous People of AFONJA. #Spotted.

drss2:
they went after tompolo ova alleged N3 billion contract, they ended up losing N2 trillion. wat a useless govt.

To tell you how leaned our leaders are.

EReports:
Ok

See direct download link to miss Anqmbra sex video
http://www.aksmedias.com.ng/2016/09/leaked-photo-video-naija-girl-caught.html

Guy wetin be your own nah! You no dey tire for this nonsense?

nonsense.................. what of if these cash were used to rehabilitate the area and meet the needs and grievances of those residing in the oil affected communities..... Infrastructure, quality of living would have improved and lives saved

[Abeg why did we not see what this funds were used for when there was no pipeline bombing ....these guys should stop deceiving us with figures....what has the government done in the Niger delta region instead you come and tell us what you lost when if you had put the infrastructure inplace ....there would have been peace a long time ago......]

Source: http://punchng.com/fg-lost-n2tn-militancy-pipeline-vandalism-nnpc/[/quote]