Source: Thewillnigeria.com

The Federal Government has disclosed that militant attacks on key oil facilities last year reduced Nigeria’s output by one million barrels per day, resulting in a revenue loss of up to $100bn (€94bn).

Minister of State for Petroleum, Ibe Kachikwu, made this disclosure on Tuesday in a video he posted on Facebook.

He said: “At the highest point of this last year, we were producing 1.2-million barrels, which means we were losing literally a million barrels of oil per day.

“At that time also, we were basically losing an average, if you look at 2016, of over $50bn to $100bn of unearned income as a result of this disruption.

“Jobs were out; pipelines were strewn all over the place; refineries couldn’t work to capacity, and we couldn’t meet our contractual international obligations. And the economy basically suffered.

“When you have that side by side with the fact that oil prices also declined by 60 per cent over the last one and half years, you will see the massive problem that President Muhammadu Buhari has faced and had to deal with over this period.”

Kachikwu announced a 20-point plan to end the unrest through investment in social and infrastructure development in the Niger delta region, where most people remain impoverished despite decades of oil extraction.

Author: Yemi Olarinre