Minister of Petroleum, Ibe Kachikwu, says the country lost between $50 billion to $100 billion in oil revenues to militant attacks on installations in 2016.
Kachikwu lamented that the attacks led to loss of 1 million barrels a day.
He stated this on Tuesday in a video titled, ‘Oil Sector Militancy Challenges’ posted on his Facebook page.
He said: “At the highest of it last year, we were producing 1.2mbpd. We were losing literally a million barrels daily. At that time also, we were losing an average over $50-$100 billion unearned income as a result of disruption.
“Jobs were out, pipelines were thrown over the entire place, refineries couldn’t work to capacity, we couldn’t meet our contractors’ international obligations, and the economy basically suffered
“When you have that side by side with the fact that oil prices also declined by 60 percent over the last one and half years, you will see the massive problem that President Muhammadu Buhari has faced and he has to deal with over this period.
“This is a problem that has consistently been there, even before the government of President Obasanjo. It is a problem that seems to never have a solution in sight.”
Kachikwu then announced a 20-point plan to end decades of insurgency through investment in social and infrastructure development in the oil-rich Niger Delta.
He said government was in talk with stakeholders to find a lasting solution to problems and issues raised by the people.
“Today we view 20 potential options that we can look at. First, we begin the process of engaging the communities, and one of the things the oil companies are going to be doing together in the next one month is to be having a meeting once in every two months with the state executives and oil producing communities.”
He restated the commitment of President Muhammadu Buhari to clean up the Niger Delta and to improve the lives of citizens.