“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”
Dr Maikanti Baru, Group Managing Director of NNPC’s arithmetic of oil pipeline vandalisation in the Niger Delta this year at the 2016 Fiscal Liquidity Assessment Committee Retreat in a presentation entitled “Global Oil Prices, Militancy and Terrorism and its Impact on Government Revenue in Nigeria’’
Despoilation
The Stick
