Nigeria Loses N750bn Annually For Non-Metering Of Oil Wells!

More than $5 billion (about N750bn), representing about 10 percent of the total annual revenue from export of oil and gas from Nigeria is lost to non-metering of oil wells and inaccurate ship-to-shore differences while loading/offloading vessels, the Minister of Trade and Investments, Olusegun Aganga has said.

The minister made the remarks yesterday in Abuja at a press briefing to mark the first 100 days of President Goodluck Jonathan's administration.

Aganga also said that several billions of naira is lost annually to round tripping due to poor measuring equipments at the import jetties to verify and ascertain the actual quantities of petroleum imported.

He explained that Nigeria is one of the few countries where there are no measures to ensure fairness, legality, accuracy and quality control of all trade transactions in all the sectors of the economy in line with international best practices.

Aganga said: "There is unfair trade resulting from under- dispensation of petroleum products at petrol stations and charges to consumers/subscribers of electricity, water, telecommunications, etc. I am however delighted to inform you that in the first 100 days, we have sought and received approval from Mr President to commence legal metrology in these areas.

"This will lead to a significant increase in revenue/savings to the government, promote confidence and trust in local and international transactions and protect consumers from unwholesome trade practices."

Source ...
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