Business

Nigeria Loses N15.71bn Petroleum Products In 2020

Nigerian National Petroleum Corporation (NNPC) has disclosed that the nation lost petroleum products worth N15.71bn in 2020.

The Corporation explained that petroleum products worth N1.71bn were lost in January; N1.83bn in February; N1.59bn in March, and N1.64bn in April.

The value of products lost stood at N1.54bn in May; N1.40bn in June; N1.37bn in July; N1.67bn in August; N1.67bn in October and N1.29bn in November.

NNPC, however, noted that no losses were recorded in September and December of the year under review.

Nigeria Loses N15.71bn Petroleum Products In 2020
Mele Kyari

According to the Corporation, 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points recorded in 2019.

NNPC said it spent about N53.36bn on pipeline repairs and management cost last year.

“Products theft and vandalism have continued to destroy value and put NNPC at a disadvantaged competitive position,” the NNPC said in its latest monthly report.

It added that a total of 508 vandalised points were recorded between January 2020 to January 2021.

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