HomeAfrica#80% Unveiled: Nigeria's Oil Theft Exposed by Former President Obasanjo.

#80% Unveiled: Nigeria’s Oil Theft Exposed by Former President Obasanjo.

Over 80% of Nigeria’s crude oil is stolen—Former President Obasanjo reveals

Former President Olusegun Obasanjo has disclosed that over 80% of Nigeria’s crude oil is stolen.

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

Speaking at the event, Obasanjo highlighted the dire state of Nigeria’s economy, attributing it in part to the rampant theft of crude oil. He lamented that while other oil-producing nations maintain accurate records of their oil production, Nigeria struggles to account for its resources due to widespread theft.

Represented by former Niger State governor, Babangida Aliyu, Obasanjo emphasized that crude oil theft significantly undermines Nigeria’s economy, with a substantial portion of the country’s daily quota of approximately two million barrels being siphoned off.

Addressing the debate on Nigeria’s governance system, Obasanjo defended the presidential system, asserting that the problem lies in the lack of adherence to established rules by Nigerians.

Meanwhile, former Chairman of the Northern Elders Forum (NEF) and ex-Vice Chancellor of Ahmadu Bello University (ABU), Prof. Ango Abdullahi, criticized Nigeria’s leadership, declaring it a failure. He called for urgent action to address the leadership deficit and foster a more robust political culture.

Abdullahi urged a critical reassessment of Nigeria’s governance model, advocating for a return to the drawing board to salvage the country from its current predicament. He lamented the nation’s inability to generate sufficient electricity despite its vast population, urging the North to acknowledge its role in Nigeria’s failures and collaborate on finding solutions for progress.

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