The cost of corrosion-related transmission pipeline maintenance, which escalates as pipeline networks age and deteriorates, costs the oil and gas sector billions of naira every year. As a result, pipeline operators should reconsider their approaches to corrosion control. The present study employed the Monte Carlo Simulation model to forecast the rate of corrosion and dependability of pipelines carrying crude oil. The corrosion rate was predicted using a Linear and Power Law Model and discrete random numbers that were simulated from Inline Inspection Data. The study's conclusion demonstrates that the Monte Carlo simulation can forecast the pipelines' corrosion rate with an accuracy of 84.24–97.94%. From Monte Carlo Simulation results, a 2.01 lowest and 15.76 highest were obtained. Every value is within the range of 1.67% to 16.95%. The predicted number of failures is thus provided by the statistical models. Optimal maintenance decisions, risk analysis, and reliability analysis can all benefit from the statistical models' output.