The Nigerian National Petroleum Corporation (NNPC) said it spent N49.68 billion on pipeline management and repair in 10 months.
The corporation disclosed this in its latest monthly report.
NNPC attributed the huge amount to the repair of 363 vandalised points recorded between January to October 2020.
A breakdown of the report showed NNPC spent N5.48 billion on pipeline repairs and management in the month of January. While N6.74 billion, N7.69 billion, N7.84 billion, N7.99 billion and N6.24 billion were spent in February, March, April, May and June, respectively.
The corporation said it spent another N1.80 billion, N1.49 billion and N4.41 billion in July, August and October as no repairs and management cost was incurred in the month of September.
“Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position,” the NNPC said.
NNPC said vandalisation of pipelines rose by 10 percent in October to 23, up from 21 points in September.
The corporation said, “Of this figure, Mosimi Area accounted for 83 per cent of the vandalised points while Port Harcourt Area accounted for the remaining 17 per cent.
“NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.”