The figure was released by the Nigerian National Petroleum Corporation, and the resurgence of militancy in the Niger Delta has been blamed for the huge loss.
This was made known by the Group Managing Director of NNPC, MAIKANTI BARU, while speaking at the 2016 Fiscal Liquidity Assessment Committee Retreat.
In a presentation on “Global Oil Prices, Militancy and Terrorism and the Impact on Government Revenue, the NNPC boss said politics, judiciary, oil prices and production cost also contributed to the downward slide in revenue from oil.
MAIKANTI BARU observed that over seven thousand barrels of crude oil has been lost this year alone due to vandalism.
BARU noted that the figure represents sixty percent of oil production lost in equity.
Following the development, he said the NNPC intends to renegotiate terms of Production Sharing Contract with deep offshore operating companies.
Also speaking; the Minister of Finance, KEMI ADEOSUN, said that government has succeeded in reducing its monthly wage bill.
From one hundred and sixty-five billion naira, the Minister said government monthly wage bill now stands at one hundred and forty-two billion naira
The Finance Minister was represented at the occasion by the Head of the Efficiency Unit in the Ministry, PATIENCE ONIHA.
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