No 48 Million Barrels Of Nigeria’s Oil Missing- NNPC

Yemisi Izuora

The Nigerian National Petroleum Corporation (NNPC) has dismissed report of 48 barrels of crude oil allegedly shipped out of Nigeria illegally.

The NNPC denied the report during the public hearing on the Medium Term Expenditure Framework (MTEF) organised by the Senate Joint Committee on Finance and National Planning on Thursday, August 20.

The Group Managing Director (GMD) of NNPC, Mele Kyari represented by the Chief Finance Officer, Umar Ajiyadescribed the report as “unfounded and total falsehood.”

He tasked the upper legislative chamber to carry out a forensic audit on the matter.

Ajiya said: “No ship leaves the country without clearance from the appropriate unit of the Nigerian Navy; and there is also no way any ship with such alleged stolen crude could escape from the Nigeria shore.

“As far as the NNPC is concerned, no barrel of crude oil is missing as falsely alleged; and we are ready to be investigated over it in form of commissioning of a forensic audit by the National Assembly at its own cost.”

Speaking on oil production, Aliyu informed that the $21per barrel production cost NNPC is incurring on each barrel of crude oil will soon be reduced to $13 per barrel in order to minimize production cost.

The NNPC official further explained that the basis for the projection of $40 per barrel; as the oil price benchmark for the N12.6trillion 2021 budget is based on available variables.

“Nobody can determine what oil price will be tomorrow; which informs pessimistic thinking as far as such a parameter is concerned”, he added.

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