Minister of Works, Power and Housing, Babatunde Fashola, has revealed that Nigeria is losing N470 million daily due to the attack on the Nigeria Gas Company’s pipeline connected to Chevron Nigeria Limited’s facility at Escravos, PM news reports.
In a statement signed by Hakeem Bello, the media aide to Fashola, the attack on the pipeline will impact negatively on the Olorunsogo NIPP plant with 600 megawatts capacity, as well as other power plants.
Fashola said the sabotaged gas pipeline which contributes to the Escravos Lagos Pipeline System (ELPS) has led to a loss of 160mmsfcd of gas daily.
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At a cost of $2.50 per thousand scf, this loss means about $400 000 loss to the country on a daily basis (N78 800 000 daily) in gas volume.
He said losses incurred daily from affected Power generation is $1 988 223 or N391 680 000 daily.
The total daily loss to the country is therefore estimated at N470 479 931.
Repairs of the damaged pipeline is estimated as costing ($609 137 or N120 000.000).
Read more at PM news
- News 24