Former President Olusegun Obasanjo has revealed that more than 80% of Nigeria’s crude oil is being stolen, News About Nigeria reports.
Speaking at the launch of Dr. Umar Ardo’s book, titled ‘Court and Politics’, in Abuja, Obasanjo said crude oil theft has a negative effect on the country’s economy.
Represented by former Niger State Governor Babangida Aliyu, Obasanjo pointed out that Nigeria’s inability to account for its oil production due to theft is a big factor contributing to the economic challenges the nation faces.
He stated that while the official crude oil production quota is about two million barrels per day, over 1.7 million barrels are being stolen.
The former president said that unlike other oil-producing countries that maintain accurate records of their oil production, Nigeria’s economy suffers due to the theft.
He stressed that addressing the issue of crude oil theft is important for the economic well-being of the nation.
Responding to questions about the parliamentary system, Obasanjo defended the presidential system, stating that the problem lies in the failure of Nigerians to adhere to established rules.
He dismissed the idea that changing the system would automatically solve the challenges faced by the country.
In a related development, Prof. Ango Abdullahi, former Chairman of the Northern Elders Forum (NEF) and ex-Vice Chancellor of Ahmadu Bello University (ABU), said that Nigeria’s leadership has failed the people.
Abdullahi called for urgent intervention to rescue the nation from what he described as a ‘leadership deficit’.
Expressing frustration with the state of the country, Abdullahi said there is the need for a comprehensive political overhaul.
“Enough is enough of our failure; we must agree that we failed enough. Time has come for us to go back to the drawing board so that we can save this country,” Abdullahi said.
