Nigeria lost N3.8 trillion in 2016 to theft, pipeline vandalism
http://ift.tt/2oW4JrX pipeline vandalization The Federal Government may have lost over N3.8 trillion to shortfall in oil production due to militants’ attacks and oil theft last year in the Niger Delta. Specifically, Nigeria is said to have lost about 700,000 barrels daily throughout last year, for which at the oil price of $50 per barrel, the country would have lost $35 million (N10.6 billion) daily, amounting to N3.8 trillion. Notwithstanding that it has constantly denied any plans to increase the pump price of petroleum products, the government however noted that such increases may become inevitable as the prices of crude rise at the international oil market which is currently above $54/barrel. Besides, it is feared that Nigeria’s 36 billion crude oil reserves could dry up in the next 40 years if there is no reserve addition and its gas in 65 years, if there are no deliberate efforts to increase the current reserves of 187 trillion cubic feet of gas. The Minister of Stat...