Minister of Information and Culture, Lai Mohammed has revealed that N60 billion is spent annually by the federal government to repair vandalised pipelines.
Mohammed stated this in Abuja on Monday at a town hall meeting on the protection of oil and gas infrastructure in the country.
The minister expressed that with oil and gas providing 80 percent of Nigeria’s budgetary revenues and 95 percent of foreign exchange earnings, the impact of pipeline vandalism on the economy could only be imagined.
“Today’s town hall meeting on protecting oil and gas infrastructure is very important, considering that the destruction of this infrastructure has socioeconomic and environmental implications,” he said.
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“With oil providing 80 percent of Nigeria’s budgetary revenues and 95 percent of foreign exchange earnings, one can only imagine the impact of the incessant destruction of oil pipelines on the economy.
“I do not intend to take the wind out of the sail of the experts who will speak on this issue, but with an average of 200,000 barrels per day lost to the wanton damage to pipelines and a huge amount of 60 billion naira yearly to repair and maintain the vandalised points, one can only imagine the impact on the economy.”
He also revealed that between January 2019 and September 2020, 1,161 pipeline points across the country were attacked by vandals.