The attack launched on the Nigeria Gas Company’s, pipeline, which is connected to Chevron Nigeria Limited’s facility at Escravos, has been estimated to cost Africa’s most populous and biggest economy about N470 million daily.
The vandalism, which disrupted gas flow on the pipeline, caused damage to the 600MW Olorunsogo NIPP plant, among other power plants.
The Federal Ministry of Power and the NGC disclosed this to the media in Abuja on Thursday, January 21.
The destroyed gas pipeline supplies gas to the Escravos-Lagos Pipeline System (ELPS) and its vandalism led to a loss of 160mmsfcd of gas daily.
At a cost of $2.50 per thousand scf, this loss amounts to $400,000 loss to the country every day or N78.8 million daily in gas volume, the authorities lamented.
The authorities indicated that this estimated loss is not inclusive of those incurred daily from affected power generation “in the sum of $1.9 million or N391.6 million daily.
The total daily loss to the country is, therefore, estimated at N470.4 million. Repairs of the damaged pipelines would cost $609,137 or N120 million.
Source: bizwatchnigeria.ng
