Nigeria lost crude oil valued at about N556bn between August and October 2021 due to pipeline vandalism and sabotage of oil facilities, lastest report by the Nigerian National Petroleum Company (NNPC) Limited has revealed.
Data from the NNPC Crude Oil Marketing Division showed that the activities, among others, affected oil production and consistently caused losses to the country during the period under review.
Data from Statistica, a global data organisation, revealed that the average costs of a barrel of Brent, the crude against which Nigeria’s oil were $70.75, $74.49 and $83.54 in August, September and October respectively.
Crude oil volumes lost due to various production shut-ins caused by vandalism, sabotage and other challenges in August, September and October were 6,680,620 barrels; 6,362,700 barrels; and 4,824,946 barrels respectively.
At the official exchange rate of N411.95 to the dollar, the worth of the crude volumes lost by the country in August, September and October were N194.71bn, N195.246bn and N166.05bn respectively, which implies that the value of crude oil that was lost by Nigeria during the three-month period was about N556bn.
This is coming amidst raising nation’s debt profile and servicing.
Data from Debt Management Office (DMO) had showed that Nigeria
spent N2.49tn on debt-servicing payments from January to September 2021.
