FG- TOMPOLO OIL SURVEILLANCE CONTRACT! ALL YOU NEED TO KNOW

The federal government through its lead agency on petroleum products NNPC has finally awarded the contract of oil pipeline surveillance to ex Niger delta militant, Government Ekpemopolo better known as Tompolo. The contract is a N40 billion yearly contract, average of N4 billion/ monthly. Business creek beings to you the details about the contract..

The oil Economy in Nigeria

Crude oil was discovered in Nigeria in 1859 in olobiri the present Bayelsa state, as local demand for the product increase, the SPDC commence operation in 1956 and since then crude oil has been a major contributor to the nation's GDP and source of its foreign exchange. According to available data crude oil contribute 9% to the country's GDP and as at 2021, Nigeria was the leading oil producers in Africa, producing about 78 million metric tonnes. The sector contribute N1.055 trillion to the GDP and daily production quota is 1.830 million barrels.

Oil theft and militancy in Nigeria

oil theft is mostly associated with the activity of militants in the Niger Delta. According to available Data Nigeria looses about 400,000 barrels of crude to oil theft daily, In 2021 Nigeria lost about $4 billion to illegal bunkery . In August 2022 the Nigeria minister of finance alleged that N9 trillion oil revenue is been threaten by oil theft " the gross oil and gas federation revenue for the full year of 2022 was projected at 9.37tn , as of April 30, 2022 N1.23tn was realize out of the projection of 3.12tn a mere 39 % performance. Illegal oil bunkery is very lucrative in the region and a major cause of black soot . it's a economy on it's own providing jobs for taxi drivers, boat owners, drug dealers, food vendors etc. Most families around the creeks of Niger delta are currently earning a living from this activity, which has destroy the environment and the natural occupation of Niger Deltans.

The Man Tompolo

Government Oweizide Ekpemopolo is the leader of the defunct militant group in niger delta (MEND). Born on April 1971 to a royal family in Delta state, he is the chief priest of egbesu diety. He began his career as an ijaw soldier in 1997 during the conflict between ijaw and itsekeri over the situation if the headquarters of warri- south West local government.when president Yar'dua shortly after assuming office declared amnesty for Niger delta militants, Tompolo and about 1500 of his boys surrender and embraced peace.He was declared wanted in 2019 and in 2015 shortly after president Buhari was elected,a situation that he described as political motivated.

What next for the Nigeria oil economy

Presently oil is the major sustenance of the nation's economy , with the evolution of green economy and major talks about climate change, the are predictions that the Nigerian crude will no longer be sellable in 2050. Although the country is richly blessed with crude oil, Nigeria still import refine petroleum products for consumption and spending about N4 trillion anually to subsidized the product for end users.it has become imperative for Nigeria to revamp it's refineries in order to achieve optimal productivity and do away with subsidy. But for now the county is hoping on Dangote refinery to begin production, the refinery will be refining 650,000 barrels per day and will create a market value of $21 billion per anum of Nigeria crude. The federal government has projected a budget deficits of N11.3 trillion in 2023. All eyes on Tompolo has he rescue the nation from this mess..

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