Sir: Presidential candidate of All Progressives Congress (APC), Bola Ahmed Tinubu, released an 80-page policy document two weeks ago in a big ceremony at the State House, Abuja. There is scant attention to the issue of oil theft and how he would deal with this problem which has become the single biggest threat to the […]
Sir: Presidential candidate of All Progressives Congress , Bola Ahmed Tinubu, released an 80-page policy document two weeks ago in a big ceremony at the State House, Abuja. There is scant attention to the issue of oil theft and how he would deal with this problem which has become the single biggest threat to the…Sir: Presidential candidate of All Progressives Congress , Bola Ahmed Tinubu, released an 80-page policy document two weeks ago in a big ceremony at the State House, Abuja.
Of the nation’s 1.8million barrels per day OPEC quota, we have only been producing just about half of that in the last six months due to persistent and sophisticated oil theft operations – a steady drop from 1.3million in the last two years. The economic loss to the nation is huge and calamitous. Due to massive oil theft, Nigeria has been wracked by serious fiscal crisis, manifesting in its inability to generate enough revenues to fund the budget. The government has had to resort to huge borrowing with attendant debilitating debt-servicing. Tinubu’s manifesto promises to stop fuel subsidy, increase crude oil production to 2.6mbpd by 2027 and 4mbpd by 2030.
The document also pledges to “implement the Host Community Development Trust’’ which seeks to encourage oil companies’ assistance to host communities. I support all measures that will develop the oil communities, but from experience, offering communities money or oil is not the solution. The restiveness was created because government, both federal and state failed to invest in the communities.
Nigeria cannot survive further if it continues to be buffeted with corruption, oil theft and insecurity. For the nation to make progress, the next president should be single minded and fierce in fighting the monster.
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