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Pipeline Vandals set Nigeria back by $38.9 million daily

The incessant blowing up of oil facilities in the Niger Delta must be the most critical challenge the government needs to address judging by the incredible loss the nation’s coffers is suffering on a daily basis.

It has been revealed that Nigeria loses not less than $38.9 million everyday due to the activities of these saboteurs who are determined to cripple the country’s economy.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday revealed that Nigeria’s crude oil production had declined from 2.2 million barrels per day to 1.4 million barrels per day due to pipeline vandalism. This, he said, translated to loss of 800,000 barrels of oil by the country daily.

A barrel of the product as at today, Wednesday, May 18, 2016 sells at $48.74, bringing the total revenue being lost to pipeline vandals everyday to a staggering $38.9 million.

With Kachikwu’s admission that the focus of the 2016 budget was 2.2 million barrels a day, the massive shortfall is certainly going to affect the implementation of close to half of the contents of the yet to be made public budget.

It is high time the government stopped treating the increasingly emboldened militants in the creeks with kids gloves.

  • Daniel Fayemi for

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