Abuja - Nigeria’s economy is in a difficult position due to estimated 400 000 barrels of crude oil that is lost daily because of vandalism and illegal bunkering, Punch reports.
Ngozi Okonjo-Iweala, Minister of Finance, confessed the shortfall in the revenue, before the House of Representatives Joint Committee on Appropriation/Finance in Abuja on Tuesday. Okonjo-Iweala commented that when the pipelines are vandalised, everything shuts down and the country’s revenue is unable to benefit from the sale of oil.
Okonjo-Iweala explained that this was the reason behind President Goodluck Jonathan’s amendment to the 2013 Appropriation Act, so that revenue that was lost may be restored.
Read more at Punch.