Nigeria has reportedly lost about N898.93b to the sabotage of oil installations and the repairs of pipelines in nine months.
According to reports from the Nigerian National Petroleum Company (NNPC), between January and September 2021, the oil firm also deducted a total of N1.78tn from its remittances to the Federation Account Allocation Committee during the 10-month period.
The report also showed that sabotage of oil installations and pipelines, community issues and shutdowns added to the figure.
The October 2021 report of the oil firm to FAAC, for instance, stated that Seplat (Jisike) terminal suspended crude oil production due to sabotage on it Izombe-Ebocha line.
The report further showed that the shutdown dragged on from July 21 to August 8, 2021 and led to the halt in the production of thousands of barrels of crude oil.
Similarly, in the NNPC’s September 2021 presentation to FAAC, it stated that the Energia terminal injection of crude into Brass line was suspended from July 1 to 31 due to pipeline damage.
It further stated that third party interference on Nigeria Agip Oil Company Akiri pipeline led to the suspension of Pillar terminal injection into Brass.
An analysis of the monthly losses, beginning from January this year, revealed that the country had been losing humongous sums as a result of crude oil losses and pipeline repairs.
The NNPC’s presentation to FAAC in February showed that nothing was expended on pipeline repairs in January, as there was also no record on product losses and value shortfall in same month.
But in March, the energy regulator told FAAC that it spent N4.19b in the preceding month on the repairs of pipelines, adding that crude oil valued at N26.99b was lost in the same month.
In its April presentation, the company said repairs and management of pipelines gulped N3.68b in March, while total product losses and value shortfall was put at N62.03b.
The report presented to FAAC in May showed that N1.68b was spent on fixing pipelines in the preceding month and during the same month, the NNPC recorded N62.93b product losses.
In its presentation in June, the NNPC said a total of N4.15b was used for pipeline repairs from its receipts in May, while total product losses and value shortfall were N127.41b.
Data from the July report showed that N4.53b was used to fix and manage pipelines in June and product losses in same month were put at N165.98b.
Figures contained in the presentation to FAAC in August indicated that N3.66b was spent in repairing pipelines in July, while oil products valued at N106.98b was lost.
The September report showed that nothing was expended in the preceding month on pipeline repairs, but product losses and value shortfall were put at N173.13b.
The NNPC’s October 2021 records showed that the total pipeline repairs and management cost in September was N629.28m, while total product losses and value shortfall during same period were N150.96b.
The oil company explained that the above developments were contributory to the massive deductions in its monthly remittances to FAAC.
