Connect with us

Hi, what are you looking for?


Oil Thieves Are Nigeria’s ‘Worst Enemies’ – Lawan

Senate President Ahmad Lawan has lamented about oil theft in Nigeria, describing perpetrators as the country’s “biggest enemies”, Channels Television reports.

The lawmaker said this on Friday during the presentation of the 2023 budget proposal at the National Assembly.

“Mr. President, I consider the oil thieves the worst enemies of our country. The thieves have declared war on our country and our people,” he said.

“I strongly feel that if we do not take the necessary measures to stop the thieves immediately, our economy will be devastated, as efforts to provide infrastructure and diversification of the economy would both be thwarted.

“It is time to take drastic and desperate measures against the thieves.”

‘The Situation Has Worsened’
According to him, while the country is battling to generate revenue, crude oil theft is a setback to getting the needed money for developmental projects.

“Mr President, our economy is still challenged by that of revenue. The main source of revenue for the Nigerian government is oil and gas. We always consider the diversification of our economy as crucial and it is indeed crucial,” Lawan added.

“The idea of deploying our revenues from oil and gas to support the diversification into the real sectors like agriculture, manufacturing, mining, etc. is now under serious threat. The large scale and massive stealing of our oil are concerning as this reduces drastically the revenues available to the government.

“With conflicting figures, projections have put our losses from this malaise at between 700,000 to 900,000 barrels of crude oil per day, leading to about 29-35 percent losses in oil revenue in the first quarter of 2022.

“This represents an estimated total fall from N1.1 trillion recorded in the last quarter of 2021 to N790 billion in the first quarter of this year.

“The situation has worsened. Recently, the loss of our oil has reached one million barrels per day. Translated into monetary terms, our loss is monumental. The figures show we are not able to meet the OPEC daily quota of 1.8 million barrels per day.”


Follow us on Twitter at @thesignalng

Copyright 2022 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to and other relevant sources.

Click to comment

Leave a Reply

Your email address will not be published.




Independent National Electoral Commission (INEC) said a total sum of N355 billion will be spent to execute the 2023 general election and the annual...


The National Assembly has approved or at least received budget estimates worth N93.453tn from the President Muhammadu Buhari , in eight years, Punch reports....


President Muhammadu Buhari on Friday presented before the two chambers of the National Assembly, a record N20.51 trillion proposed budget for the 2023 financial...


President Muhammadu Buhari will on Friday present the 2023 Appropriation Bill to a joint session of the National Assembly, The Nation reports. Senate President...

Copyright ©