In a candid revelation, Former President Olusegun Obasanjo has brought attention to a critical issue plaguing Nigeria’s economy— the rampant theft of crude oil, constituting more than 80% of the nation’s production.
Former President Obasanjo underscored the debilitating impact of crude oil theft on Nigeria’s economy. Unlike other oil-producing nations that meticulously record their production, Nigeria faces a significant challenge in accurately accounting for its oil due to widespread theft.
Despite a set crude oil quota of approximately two million barrels per day, Obasanjo emphasized that over 1.7 million barrels are being illicitly siphoned from the production chain. This not only represents a massive loss in revenue but also poses a severe threat to the stability of Nigeria’s economy.
Addressing the ongoing debate over Nigeria’s political system, Obasanjo clarified that the issue does not lie inherently with the presidential system.
Instead, he pointed out that the challenge stems from a lack of adherence to established rules by Nigerians.
He cautioned against attributing systemic issues solely to the chosen political framework.
Former President Obasanjo urged immediate action to curb crude oil theft, emphasizing the importance of implementing stringent measures and investing in technology to monitor and secure the oil production process.
He stressed that addressing this critical issue is pivotal for Nigeria’s economic sustainability.
While contemplating whether Nigeria should revert to the parliamentary system, Obasanjo highlighted that the key concern is not the political system itself but rather the need for Nigerians to uphold rules and regulations.
He called for a collective commitment to ethical governance and rule adherence to propel the nation forward.
As Obasanjo sheds light on the gravity of crude oil theft, Nigeria faces a crucial juncture where decisive measures are imperative to safeguard its economic future.
The former president’s insights underscore the urgency of addressing systemic challenges to ensure sustainable growth and stability.
About The Author
