Nigeria loses N151.78bn crude oil monthly

Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday.

Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$.

From the above figures, it showed that the country was losing about N151.79bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC.

Group Managing Director, NNPC, Mele Kyari, disclosed the volume of crude oil lost daily in Nigeria while speaking at a meeting with the Chief of Defence Staff, Major General Lucky Irabor.

The NNPC boss was quoted in a statement issued in Abuja by the corporation’s spokesperson, Kennie Obateru, as saying, “We have two sets of losses, one coming from our products and the other coming from crude oil.

“In terms of crude losses, it is still going on. On the average, we are losing 200,000 barrels of crude every day.”

On his part, Irabor promised to galvanise the military to provide maximum security for the nation’s oil and gas assets.

He said, “I am delighted that you made this effort, and I tell you that the Armed Forces of Nigeria will collaborate with you to protect NNPC’s assets.”

Irabor acknowledged the role of the oil and gas sector to the economy and stated that there was need for collaboration between the NNPC and the Armed Forces to protect oil and gas facilities.

“It is my intention to cooperate maximally with you and to give necessary instructions to all officers in the Armed Forces,” he said.

Source: https://punchng.com/nigeria-loses-n151-78bn-crude-oil-monthly-nnpc/

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