Crude Oil Theft Plagues Nigeria: Former President Obasanjo Speaks Out

Former President Olusegun Obasanjo has sounded a stark warning about the rampant theft of Nigeria’s crude oil, alleging that over 80 per cent of the country’s oil resources are being stolen. His remarks came during the launch of a book titled ‘Court and Politics’ authored by Dr. Umar Ardo, a former associate of ex-Vice President Atiku Abubakar, held in Abuja.

Represented by Babangida Aliyu, a former governor of Niger State, Obasanjo pointed to crude oil theft as a significant factor contributing to Nigeria’s economic woes. He lamented the lack of accountability in Nigeria’s oil production, contrasting it with other oil-producing nations that maintain clear records. According to him, Nigeria’s inability to track its oil production due to theft is a primary reason behind the nation’s economic struggles.

Obasanjo highlighted the staggering scale of the theft, revealing that while the crude oil quota stands at about two million barrels per day, over 1.7 million barrels are stolen regularly. This massive loss, he emphasized, severely undermines Nigeria’s economic stability.

Responding to inquiries about Nigeria’s governance system, Obasanjo defended the presidential system, asserting that the issue lies more with the failure of Nigerians to adhere to the rules rather than the system itself.

Meanwhile, echoing Obasanjo’s concerns, Prof. Ango Abdullahi, former Chairman of the Northern Elders Forum (NEF) and ex-Vice Chancellor of Ahmadu Bello University (ABU), decried the leadership failures in Nigeria. Abdullahi emphasized the urgent need for the country to address its leadership deficit and cultivate a proper political culture.

Expressing frustration over the nation’s chronic underdevelopment, Abdullahi emphasized the imperative for a comprehensive reassessment of Nigeria’s governance structure. He urged a return to the drawing board to salvage the country from its myriad challenges.

Abdullahi’s sentiments underscored a growing consensus among Nigerian elites that the current governance framework, despite decades of implementation, has failed to deliver meaningful progress. With Nigeria grappling with critical issues such as power generation and economic stability, there’s an urgent call for a fundamental reevaluation of the nation’s trajectory.