The Nigerian National Petroleum Corporation (NNPC) has reported that it lost crude oil and petroleum products worth N19,063,113,867 and N5,940,321,219, respectively last year.
This is contained in its newly released monthly report for December. In it, the Corporation stated that products theft and vandalism continued to destroy value and put the Corporation at a disadvantaged competitive position. It lamented that no fewer than 1,120 vandalised pipeline points were recorded between January and December last year.
The Corporation said the domestic crude oil and gas receipt for December amounted to N96.68billon, consisting of N89.11billon from domestic crude oil and N7.57billion from gas.
“Out of the naira receipt, the sum of N19.11billion was transferred to the Joint Venture Cash Call, being a first-line charge and to guarantee continuous flow of revenue stream to Federation Account,” it said.