Nigeria may have lost an estimated N160 billion to the fuel scarcity crisis which almost shut down the economy last week. This according to stakeholders cut across the various sectors of the economy that rely on the products.

In a telephone interaction with the executive secretary of Petroleum and Gas Senior Staff Association of Nigeria- PENGASSAN , Comrade Bayo Olowoshile, he disclosed to Hallmark that the fuel scarcity which started in May 1 cost the economy an average of N40 billion weekly.

According to him, the crisis hit almost the different sectors of the economy. He added that since the crisis lasted for almost four weeks it could be estimated at N160 billion for the entire period.

He said, ” apart from the oil and gas sector which was hit by the scarcity, the crisis also affected the telecommunication, banking and the manufacturing firms.

The cost of goods and transportation was also increased during the period in view. Some airlines were unable to lift passengers due to the scarcity of Jet- A1, all of these when put together would average N40billion per week. If the situation had continued it would have crippled the economy.’’

However, a source working with Nigerian Petroleum Development Company (NPDC) Ltd , a subsidiary of the Nigerian National Petroleum Corporation (NNPC), also revealed that  the country lost a minimum of $60.08million or N11.96 billion, which he estimated at $6.676 million, an equivalent of N1.335 billion daily as a result of the strike action embarked upon by workers of the Nigerian Petroleum Development Company, NPDC, over the transfer of operatorship of Oil Mining Leases (OML) 40, 42 and 30.