Nigeria’s Vice President Yemi Osinbajo has revealed that Nigeria has been losing one million barrel of crude oil on daily basis for the past six months.
The vice president who is head of the economic team of the Buhari-led administration made the announcement on Tuesday, September 6, 2016 while receiving a delegation of the Northern States Pentecostal Bishops Forum in his office at the Presidential Villa in Abuja.
The statement which was signed by Laolu Akande, Osinbajo’s spokesperson read:
“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.”
Professor Osinbajo explained that the loss of crude oil in Nigeria on daily basis is a result of pipe vandalizing practices, adding that no country would be able to survive the amount of theft going on within the country.
He blamed the theft practices in the country for the present economic situation.
However, he expressed enthusiasm when he spoke about hope for Nigeria: “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 $15 billion in one sector alone.”
He also blamed the past administration for Nigeria’s economic woes, saying that the country’s currency depreciated because they were n savings when oil boomed.
He also revealed that the GDP released recently which certified Nigeria in a recession, showed the country was prospering In the agricultural and solid mineral sectors, assuring Nigerians that soon kick-start the 500,000 jobs scheme earlier promised.
Osinbajo also instructed security agencies, in response to Archbishop Daniel’s appeal that the federal government brings violent herdsmen to book, that they arrest and prosecute anyone, regardless of status, who carried weapons and perpetrated the law.