Nigeria Loses N1.343bn Daily Under Buhari’s Watch

This would amount to a daily loss of about $6.716 million, an equivalent of N1.343 billion daily.

The pipeline was shut down after a leak was discovered, Vanguard has reported.

The report quoted sources in the oil sector as confirming that a memo was sent out to participants in the TNP to inform them that the pipeline would be shut for at least a week.

The pipeline according to Shell, transports around 180,000 barrels of crude oil per day to the Bonny export terminal.

It is also a part of the gas liquids evacuation infrastructure, critical for continued domestic power generation and liquefied gas exports.

Shell said the TNP loopline project creates an alternative route to avoid sabotage, by-passing areas where theft and illegal refining is common.

On Wednesday, the Nigerian National Petroleum Corporation (NNPC) announced that it lost N20 billion in just one month following attacks on pipelines by the Niger Delta Avengers as well as other reasons .

It is however not all bad news as the Nembe Creek trunk line carrying the Bonny light crude oil to the export terminal is said to have been reopened about a month after it was shut down by Aiteo.

It was opened after operators repaired it, the sources said.

There has been continued tension in the Niger Delta area of Nigeria with attacks on pipelines almost on a daily basis.

Kayode Ajulo, a former national secretary of Labour Party (LP), in an interview recently, urged that leader of the Niger Delta, Chief Edwin Clark, be contacted to help quell the situation in the region