FG lost #365 Billion to Oil theft in July

FG Lost N365 Billion To Oil Theft In July- Ngama

Posted by: Channels Television Posted date: August 23, 2013 In: Business | comment : 0 Comments

The Minister of State for Finance, Yerima Ngama

The federal government has lost a total of N365 billion to oil theft in the month of July.

The minister, who reeled out by the Minister of State for Finance, Dr. Yerima Ngama at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, attributed other decline to the gross revenue from the oil sector to leakages of pipeline and repair works at major oil facilities in the country.

Dr. Ngama however said that a total of N715 billion is to be distributed to the federal, state and local governments for the month of July.

The gross revenue dropped 42% month-on-month to N497.98 billion ($3.1 billion) in July, because of disruption to oil production caused by thieves hacking into pipelines, the Finance Ministry said Friday.

“The gross revenue of N497.98 billion received for the month was lower than the Naira 863.02 billion received in the previous month,” the ministry said in a statement.

“This was due to continuous theft of crude oil, leakages, pipeline breaks at various terminals, high-pressure compressor failures and repair work.”