Nigerian Currency Falls 0.17% Against Dollar In P2P Forex Market

By Adedapo Adesanya

A 13-man committee has been appointed by the Senate Speaker, Mr. Ahmad Lawan, to investigate oil theft in Nigeria and its impact on oil production and oil revenues.

The composition of the panel was announced on Thursday and it is to be led by Senator Bassey Albert Akpan, with a directive to wrap up its investigation within a month and then submit its findings to the chamber.

Panel members are Senators Yusuf A. Yusuf, Solomon Olamilekan Adeola, Kabiru Gaya, Mohammed Adamu Aliero, George Thompson Sekibo, Gabriel Suswam, Kashim Shettima, Aliyu Sabi Abdullahi, Ali Ndume, Stella Oduah, Sani Musa and Ibrahim Gobir.

Oil theft has become a major talking point in the country with up to 90% of oil production lost to thieves, according to reports.

Recently, the Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mr. Mele Kyari, said that Nigeria could only obtain 3,000 barrels out of 239,000 barrels injected into the pipeline from one of its main terminals. oil export facility, Bonny Terminal.

According to Kyari, the country has lost more than $1.5 billion in the first three months, indicating that this figure will continue and exceed the $4 billion recorded last year.

In his words, “Indeed, what is happening is massive acts of vandals and thieves on our pipelines that caused us to lose our volume in the first place.

“Secondly, it forced us to stop production. The difference between the current production of 1.49 million and our potential that we can easily do – nearly 1.8 million or so – at an independent level is not necessarily stolen. and they are beyond the reach of ordinary vandals.

“What has been in great difficulty is the production of independents and [Joint Venture] JV. Unfortunately, with the exception of ExxonMobil’s production, most of our JV is ashore. This is where we have the challenge.

He also said the rate of vandalism forced NNPC and its JV partners to shut down two production fields.

This is one of the factors preventing the country from meeting its oil production quota of 1.8 million with the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

In March 2022, Nigeria’s oil production fell a further 1.7% to an average of 1.354 million barrels per day compared to 1.378 million barrels per day produced on average in the month of February 2022.

Some International Oil Companies (IOC) have also tried to sell their assets in the country because of this issue.

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