FG loses N1.474tn to 222 terminal shutdowns in 10 months

The production of 50.788 million barrels of crude oil valued at N1.474tn was stalled between January and October last year due to community interferences and other challenges forcing oil terminals to shut down production 222 times within the period, OKECHUKWU NNODIM reports Nigeria’s crude oil earnings were depleted by about N1.474tn between January and October 2021 due to various concerns at terminals that prevented the production of 50.788 million barrels of oil during the 10-month period. It was gathered that community interferences, industrial actions by oil workers, COVID-19 outbreak at some terminals, pipeline vandalism, among others, curtailed oil production in various terminals, leading to huge financial losses for Nigeria.