Over 80% of Crude Oil Stolen: Obasanjo Speaks amid Economic Hardship in Nigeria

• Former President Olusegun Obasanjo has explained how stolen crude oil contributes to the ongoing economic hardship
• Obasanjo said over 80 per cent of the nation’s crude oil was stolen and Nigeria cannot account for them
• The 86-year-old elder stateman said crude oil theft is one of the reasons the nation’s economy would be in crisis

FCT, Abuja - Former President Olusegun Obasanjo revealed one of the reasons why Nigeria’s economy is in ruins.

Obasanjo said Nigeria cannot account for its oil production because over 80 per cent of the nation’s crude oil was stolen, Vanguard reported.

He stated this at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo, in Abuja, on Saturday, February 24.

Obasanjo was represented by a former Niger state governor, Babangida Aliyu.

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The 86-year-old said over 1.7 million out of the about two million barrels per day are stolen.

The former president claimed crude oil theft is one of the reasons the nation’s economy would be in crisis.

As reported by The Punch, Obasanjo said the presidential system is not Nigeria’s problem but the political culture of the people.

He stated this while reacting to the call for a parliamentary system in the country by a member of the Northern Elders Forum and former vice chancellor of Ahmadu Bello University, Ango Abdullahi.

“To bring it back home, no matter what you bring, if the political culture is not there—the same attitude, the same people, the same ways of doing things—we are wasting our time.”

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He added that:

“No matter what you bring and no matter what you import, if the political culture is not there, it will not work.”

Economic hardship: Obasanjo proffers solution

Legit.ng earlier reported that Obasanjo called for the devolution of power and resources from the federal government to state and local governments.

He said this would help to better manage available resources and alleviate the ongoing economic hardship.

The former president explained that the economic hardship is due to mismanagement of resources and lack of productivity among Nigerians. Obasanjo said decentralizing power and resources will reduce competition at the central level and allow for more effective resource management at the local level.

Source: Legit.ng