How Nigeria Loses Billions to Oil Theft, Says Obasanjo 

iexclusivenews – Oil theft is a major problem that plagues Nigeria’s economy and deprives the nation of its rightful revenue. This was the message of former President Olusegun Obasanjo, who revealed that more than 80 percent of Nigeria’s crude oil is stolen by unscrupulous elements.

Obasanjo made this shocking disclosure in Abuja at the launch of a book titled ‘Court and Politics’, authored by Dr. Umar Ardo, a former aide of ex-Vice President Atiku Abubakar.

He said that Nigeria’s economy is in shambles because, unlike other oil-producing countries that have accurate records of their oil production, Nigeria cannot account for its own due to rampant theft.

He was represented by a former governor of Niger State, Babangida Aliyu, who echoed his sentiments and said that oil theft is one of the main reasons why Nigeria’s economy is in ruins.

He said that while Nigeria is supposed to produce about two million barrels of oil per day, over 1.7 million barrels are stolen daily by criminals.

He also commented on the debate over whether Nigeria should adopt the parliamentary system of government, saying that there is nothing wrong with the presidential system, but that Nigerians do not follow the rules.

Nigeria’s Leadership Has Failed, Says Abdullahi

In a related development, a former Chairman of the Northern Elders Forum (NEF) and ex-Vice Chancellor of Ahmadu Bello University (ABU), Prof. Ango Abdullahi, has slammed Nigeria’s leadership, saying that it has failed the people.

He said that Nigeria needs to be rescued from the leadership crisis that has hampered its development.

He called for a proper political culture, saying that no system is perfect, and that any system can work if the people are committed and honest.

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He said, “We have had enough of our failures. We need to change our ways and stop failing this country.”

He said, “It is time for us to go back to the drawing board and rescue this country.”

He lamented that Nigeria, with a population of over 200 million people, is struggling to generate 4,000 megawatts of power.

He said, “We have failed enough. We need to admit our failures and work together to find solutions.

“I visited Dantata and he was very angry with me, saying that the people of the North have failed the North and Nigeria. Until the North accepts its failures and comes together to discuss the way forward, there will be no progress.

“We met in 1978 when we wanted to return to civilian rule. We were supposed to discuss why the system of 1961 failed, but we were surprised when they said that the parliamentary system was not an option and that we should go for the federal system.

“They gave us two choices: the French or the American model. And now we have practised the presidential system for 24 years and it has failed. I will give it an F9.

“It is time for us to go back to the drawing board and save this country,” Abdullahi said.