Nigeria loses one million barrels of crude oil/day- Osinbajo
Wed Sep 07, 2016 06:08:pm Business
2.5K By Buchi Obichie
Abuja, on Tuesday, Vice-President Yemi Osinbajo, who is also the head of
President Muhammadu Buhari's economic team, said Nigeria has been
losing one million barrels of crude oil daily in the last six months due
to the activities of pipeline vandals.
A statement signed by Osinbajo's spokesman, Laolu Akande, read in part, "In addition to the massive fall in oil prices, the VP stated that the vandalism of pipelines had led to a worsening of the situation with the country losing about one million barrels of oil per day for up to six months now. The vandalism has equally cut power supply short since gas pipelines were also destroyed."
According to the Vice-President, there is no country in the world that can face the kind of stealing that has taken place in Nigeria without having to deal with the consequences, including the current state of the economy.
He, however, assured Nigerians that even though the times were hard today, "there is great hope that this country will prosper."
"This country has been badly governed. We are dealing, for instance, with the embezzlement of funds to the tune of $15bn in one sector alone."
Osinbajo dismissed suggestions that the Buhari administration should stop blaming past Governments.
According to the Vice President, "We have to, that is why we are here. We have not turned attention to the oil and gas sector, where the former CBN Governor alleged that $20bn was stolen. We must condemn and stand up against this level of corruption. It is the single most important reason of the current state of the country. We can't ignore it."
Osinbajo also said that the recent GDP figures released last week clearly indicate that there is growth in agriculture and solid minerals.
He also reassured Nigerians that the Government's social investment programmes are on course, stating that "very soon, the 500,000 jobs scheme will take off," alongside other schemes.
Osinbajo called on Christian and religious leaders generally to condemn corruption openly.
According to reports, Nigeria has lost at least 180 million barrels of crude oil in less than one year.
A statement signed by Osinbajo's spokesman, Laolu Akande, read in part, "In addition to the massive fall in oil prices, the VP stated that the vandalism of pipelines had led to a worsening of the situation with the country losing about one million barrels of oil per day for up to six months now. The vandalism has equally cut power supply short since gas pipelines were also destroyed."
According to the Vice-President, there is no country in the world that can face the kind of stealing that has taken place in Nigeria without having to deal with the consequences, including the current state of the economy.
He, however, assured Nigerians that even though the times were hard today, "there is great hope that this country will prosper."
"This country has been badly governed. We are dealing, for instance, with the embezzlement of funds to the tune of $15bn in one sector alone."
Osinbajo dismissed suggestions that the Buhari administration should stop blaming past Governments.
According to the Vice President, "We have to, that is why we are here. We have not turned attention to the oil and gas sector, where the former CBN Governor alleged that $20bn was stolen. We must condemn and stand up against this level of corruption. It is the single most important reason of the current state of the country. We can't ignore it."
Osinbajo also said that the recent GDP figures released last week clearly indicate that there is growth in agriculture and solid minerals.
He also reassured Nigerians that the Government's social investment programmes are on course, stating that "very soon, the 500,000 jobs scheme will take off," alongside other schemes.
Osinbajo called on Christian and religious leaders generally to condemn corruption openly.
According to reports, Nigeria has lost at least 180 million barrels of crude oil in less than one year.
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