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

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

Mr. 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.

“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 per barrel, the total 2016 revenue loss to the Federation Account translates to about $7 billion .

“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,’’ Mr. Baru said.

To resolve this, Mr. 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.”

The Minister of Finance, Kemi Adeosun, said that the ministry had succeeded in reducing Federal Government’s monthly wage bill from N165 billion to N142 billion by eliminating 33,000 ghost workers.

Mrs. Adeosun, represented by the Head of the Efficiency Unit at the Ministry, Patience Oniha, said that the ministry had discovered that it could also save money by reviewing government’s procurement processes.

She said that through the Efficiency Unit, the ministry had succeeded in negotiating huge discounts for government officials travelling on local and international flights for official assignments.

Mrs. Adeosun said that the ministry had also been able to save cost by banning sitting allowances, souvenirs at government’s functions and unnecessary adverts which had contributed to the high recurrent expenditure in government.

(NAN)

http://www.premiumtimesng.com/news/headlines/213948-nigeria-loses-n2-1-trillion-niger-delta-militants-vandals-2016.html

Lie

Funny enough Buhari was only trying to recover N13billion from Tompolo!!! Chai!! Wisdom is not really easy to come by!!

I gave this government a sound idea when the loss is still in millions ..

..But Zombies urged them on and brought us to this dilemma..

Let me search for those patriotic wailing posts ..maybe, the govt will listen this time.

kcnwaigbo:
Funny enough Buhari was only trying to recover N13billion from Tompolo!!! Chai!! Wisdom is not really easy to come by!!

Let me search my posts to buttress your point.. Wisdom is really profitable to direct ..

And would continue to loose..

When he(the renowned Gworo cracker and child 'embracer') took over office, the first thing he did was to stop the ND allowance as negotiated by Yar'dua.. but upon realizing it was backed by law and they will sue his arssx and win, he quick removed his monkey hand..

The beast has been looking for loopholes ever since to frustrate the peace deal..

Bubu de criminal!

Nigerian lost N2.1t to oil vandals and militancy in ND,pls did it developed the ND region


No,so both sides loose.

Negotiation still remain d best option.

I rest my case

CHIJIOKE1314:
And would continue to loose..

When he(the renowned Gworo cracker and child 'embracer') took over office, the first thing he did was to stop the ND allowance as negotiated by Yar'dua.. but open realizing it was backed by law and they will sue his assistant and win, he quick removed his monkey hand..

The beast has been looking for loopholes ever since to frustrate the peace deal..

Bubu de criminal!

And u they happy abi if PMB send soldiers to fire them now u will be shouting PMB is a dullarfrom yur statement who is a criminal..YOU OR PMB

Oladimejyy:
And u they happy abi if PMB send soldiers to fire them now u will be shouting PMB is a dullarfrom yur statement who is a criminal..YOU OR PMB

He has repeatedly sent his soldiers and instead many of them got drowned in the creeks

Oladimejyy:
And u they happy abi if PMB send soldiers to fire them now u will be shouting PMB is a dullarfrom yur statement who is a criminal..YOU OR PMB

Who your hate epp?

You hateful son of AFONJA!

If your useless slave master send soldier to fire them.. What has been stopping him.. We are praying that he do so your leaving alone with ur Hausa-Fulani slave master would be fast-forwarded..

Pls come and fire..