Obasanjo Sounds Alarm: Over 80% Of Nigeria’s Crude Oil Stolen

Obasanjo Sounds Alarm: Over 80% Of Nigeria’s Crude Oil Stolen

Former President Olusegun Obasanjo has issued a stark revelation, asserting that more than 80% of Nigeria’s crude oil reserves are being stolen…..READ ALSO Obasanjo Advocates Strong Economic Bond Between Nigeria And Angola, Highlights Potential Collaborations

Delivering his remarks at the launch of Dr. Umar Ardo’s book, ‘Court and Politics,’ in Abuja, Obasanjo emphasized the dire state of Nigeria’s economy, attributing much of the ruin to rampant crude oil theft.

Represented by former Niger State Governor, Babangida Aliyu, Obasanjo highlighted the absence of accountability in Nigeria’s oil production records, a stark contrast to other oil-producing nations. He lamented that while the crude oil quota stands at approximately two million barrels per day, over 1.7 million barrels are pilfered through theft.

The former president underscored the gravity of the situation, asserting that such rampant theft severely undermines Nigeria’s economic stability.

Regarding the debate over Nigeria’s governance system, Obasanjo dismissed calls to revert to the parliamentary system, instead placing emphasis on adherence to existing rules. He criticized the lack of adherence to established norms, suggesting that the failure lies not in the system but in the failure of Nigerians to abide by its principles.

Meanwhile, Prof. Ango Abdullahi, former Chairman of the Northern Elders Forum and ex-Vice Chancellor of Ahmadu Bello University, echoed Obasanjo’s sentiments, declaring Nigeria’s leadership as a failure.

Abdullahi called for a comprehensive overhaul of the country’s political landscape, emphasizing the urgent need for effective governance to rescue Nigeria from its current predicament. He urged a candid acknowledgment of failure and a collective effort to devise viable solutions.

Expressing frustration at the enduring power crisis, Abdullahi lamented Nigeria’s inability to generate adequate electricity despite its vast population.

In a rallying call to action, Abdullahi implored for introspection and reform, stressing that Nigeria’s future hinges on its ability to address systemic failures and chart a new course towards progress and prosperity.