Nigeria’s economy in ruins due to crude oil theft, says Obasanjo

Former President Olusegun Obasanjo has claimed that over 80% of Nigeria’s crude oil is stolen, which is one of the reasons why the country’s economy is in ruins.

Speaking at the launch of a book in Abuja, Obasanjo said that while other oil-producing countries have records of their oil production, Nigeria cannot account for hers due to theft.

He added that while the crude oil quota is about two million barrels per day, over 1.7 million are stolen.

Obasanjo also commented on Nigeria’s political system, saying that there is nothing wrong with the presidential system, but Nigerians do not play by the rules.

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

Abdullahi called for a proper political culture, adding that no system is cast in gold.

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

Abdullahi said that it is time for Nigeria to go back to the drawing board to rescue the country.