This is unbelievably true, the federal govt is constantly loosing N6.75 billion Naira on a daily basis due to the flood currently making life a bit twisted for some.

Nigeria is losing about $43million  or N6.75billion daily to production cut back on account of recent flooding that hit many parts of the country, particularly, the oil-rich Niger Delta.

Industry regulator, Department of Petroleum Resources, DPR, said, yesterday, that the country’s daily production fell by about 18 per cent from 2.6million barrels daily, bpd, to 2.1 million bpd, even as it plans to hold a new licencing round by the year end to boost production reserves.

Furthermore, Shell, Nigeria’s biggest producer, last week declared force majeure, a legal condition which frees it from contractual obligations on Bonny Light and Forcados exports.

Bonny Light and Forcados are two of the country’s most important oil grades, which accounted for 427,000 bpd or 20 per cent of the nation’s total exports of 2.048 million bpd in October.

The developments compound Nigeria’s revenue projections, and will impact negatively on the 2012 Budget, and will affect the execution of capital budget for the remaining part of the year, as the country depends on more than 90 per cent of oil proceeds for its survival ::: Source