Over 80% Of Nigeria’s Crude Oil Stolen: Obasanjo Urges Urgent Action To  Salvage Economy

Former President Olusegun Obasanjo has revealed a startling revelation that over 80% of Nigeria’s crude oil is being stolen, amplifying concerns over the country’s economic stability. 

Obasanjo made these revelations during the launch of ‘Court and Politics,’ a book authored by Dr. Umar Ardo, in Abuja.

The former president, represented by Babangida Aliyu, former governor of Niger State, pointed to the rampant theft of crude oil as a primary cause of the nation’s economic struggles.

 He highlighted that unlike other oil-producing countries with transparent records of oil production, Nigeria is unable to account for a significant portion of its crude oil output due to theft.

Obasanjo underscored the severity of the issue by stating that, of the daily crude oil quota of two million barrels, over 1.7 million barrels are stolen, contributing significantly to the economic downturn. 

The staggering scale of theft emphasizes the urgency for Nigeria to address this critical challenge to ensure sustainable economic growth.

Responding to queries about a potential return to the parliamentary system, Obasanjo dismissed the idea, affirming that the current presidential system is not at fault; rather, it is the failure of Nigerians to adhere to established rules that hampers progress.

Simultaneously, Prof. Ango Abdullahi, former Chairman of the Northern Elders Forum and ex-Vice Chancellor of Ahmadu Bello University, voiced a scathing judgement on Nigeria’s leadership, declaring it a failure and calling for immediate intervention. Abdullahi emphasized the need for a revamped political culture, asserting that no system is inherently flawless.

In a passionate plea, Abdullahi urged a collective acknowledgment of failures, proclaiming, “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.” 

He lamented Nigeria’s struggle to generate sufficient power, highlighting the urgent need for reforms.

Abdullahi also recounted a disheartening encounter with Dantata, who expressed anger over the perceived failure of the North. 

Abdullahi stressed the importance of the North accepting responsibility for its failures and collaborating on finding a way forward to spur progress.

Reflecting on historical decisions, Abdullahi criticized the prolonged adherence to the presidential system and advocated for a comprehensive review of governance structures. 

The urgency for a revisit to the drawing board becomes evident as these revelations pose critical challenges to Nigeria’s economic and political future.

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