EXPOSED! How Buhari's government lost N356.6bn in five months

EXPOSED! How Buhari’s government lost N356.6bn in five months

28/07/2016 6:51

– Nigeria has lost N356.6bn in five months as Forcados shutdown

– Nigeria lost at least N246.4bn as of June 19 and N110.2bn from June 20 to July 27 (using $290/$)

Nigeria’s President, Muhammadu Buhari

Following the attack on Shell’s Forcados export line by hard fighting Niger Delta Avengers (NDA), which has forced the export line to remain shut, Nigeria has lost of about $1.6bn (N356.6bn) in revenue, Punch is reporting.

According to the report,  with an average oil price of $40 and exchange rate of N197 to the dollar, Nigeria lost at least N246.4bn as of June 19 and N110.2bn from June 20 to July 27 (using $290/$).

International Energy Agency has said Nigeria could lose an estimated $1bn (N197bn) in revenue by May, when repairs of the Forcados terminal was expected to be completed.

 “The Forcados terminal in Delta state, one of Nigeria’s biggest terminals, was scheduled to load 250,000 barrels of crude per day. At $40 per barrel, Nigeria could stand to lose an estimated $1bn between February, when force majeure was declared, and May, when repairs are expected to be completed,” IEA said.

Quoting NNPC, Reuters reported that the Nigerian National Petroleum Corporation said “About 380,000barrels per day remained shut in due to vandalism of the 48-inch subsea export line on February 15, 2016.

“Also, the nation has lost over 1,500MW of power supply to the damage as gas supply from Forcados, which is Nigeria’s major artery, accounts for 40 to 50 per cent of gas production. Incessant pipeline vandalism poses the greatest threat to the industry.”

Nigeria’s oil production is now 700,000 bpd lower as a result of persistent militant attacks on oil pipelines and infrastructure.

Also, Shell has shut the Trans Niger pipeline, which is one of the pipelines that carry crude to the Bonny light export terminal, following a leak in Ogoniland.

Meanwhile, FG is set to reopen corruption cases against some ex-governors in Nigeria.

Those whose case will be reopened include embattled Senate President Bukola Saraki, factional chairman of the Peoples Democratic Party, Ali Modu Sheriff; and senate minority leader, Godswill Akpabio