Obasanjo: Nigeria Loses Over 80% of Crude Oil to Theft

Former President Olusegun Obasanjo has raised a startling revelation, stating that over 80% of Nigeria’s crude oil is stolen, contributing significantly to the nation’s economic challenges.

Speaking at the launch of Dr. Umar Ardo’s book, ‘Court and Politics,’ Obasanjo emphasized that Nigeria’s inability to account for its oil production due to theft is a major reason for the country’s economic woes.

Represented by former Niger State Governor, Babangida Aliyu, Obasanjo highlighted that while Nigeria’s crude oil quota is about two million barrels per day, over 1.7 million barrels are stolen.

He underscored the need for a more effective governance structure, as he dismissed the idea of returning to the parliamentary system, attributing Nigeria’s challenges to a lack of adherence to existing rules.

In a similar vein, Prof. Ango Abdullahi, a former Chairman of the Northern Elders Forum (NEF), criticized Nigeria’s leadership, describing it as a failure that has brought the country to its knees. Abdullahi called for a reevaluation of Nigeria’s political culture, emphasizing the need for a new approach to governance.

He lamented the country’s inability to meet its power generation needs despite its large population, urging a collective effort to address the failures and chart a new path for Nigeria’s progress.

Both Obasanjo and Abdullahi’s remarks underscore a growing concern over Nigeria’s governance and economic challenges, urging a critical examination of the current system to salvage the country from its current state.