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Why oil revenue declines in Nigeria — Buhari

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 Why oil revenue declines in Nigeria Buhari
Buhari Imo State Visit

 

 

 

President Muhammadu Buhari on Tuesday blamed the fall in oil revenue on the spate of insurgency in the country.

He said the activities of the Boko Haram in the North East and insurgency in the South East were preventing the country from realising its full potential as an oil-producing country.

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He spoke at a stakeholders’ meeting in Owerri, the Imo State capital, after inaugurating three projects executed by the Governor Hope Uzodimma administration.

 

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The president expressed happiness that his administration had been able to deal with insurgency but expressed regrets that notable Nigerians were culpable in aiding the menace.

He said, “If Nigerians would recollect, between 1999 and 2015 when we came, I like people to check; OPEC projection was 2.1 million barrels per day at $100 per barrel.

“But look at the state of infrastructure, look at the railways; it was virtually killed. Power…we are still struggling. When we came, it was unfortunate the militants in the South South were unleashed. The production went down to half a million barrels per day and again it’s unfortunate the cost of petroleum went down by half.

“Again, unfortunately, the cost of petroleum went down from $28 to $27. Looking at the problem in the North East, ask anybody from Borno or Adamawa how many local governments were in the hands of Boko Haram—very fraudulent people.

“But now go and ask the hardworking governor of Borno how many local governments are in their hands now that the government is in charge.

“For relative peace and resources, this administration has done extremely well. I have to say it because those who are supposed to say it are not saying it, I don’t know why.”

Buhari urged the elite in the country to join forces with his administration to tackle insurgency, banditry and other security challenges which, he said, hamper development.

At another stakeholders meeting at Douglas House in Owerri, the Imo State capital, the president said his administration had achieved a lot in tackling insecurity and infrastructural decay.

The president had shortly on his touch down at the Sam Mbakwe International Cargo Airport inaugurated the Owerri-Orlu Road, the phase one of the Owerri-Okigwe Road and the Imo State House of Assembly complex rebuilt by the administration of Governor Hope Uzodimma.

He said his administration was able to achieve much despite dwindling economic resources.

“My administration is addressing infrastructure and security in Nigeria when compared with what we used to have from 1999 till 2015 when we took over,” he said.

The president said the sustained efforts by the military had seriously eroded the capacity of insurgents to hold the country to ransom.

Uzodimma said the roads Buhari inaugurated were abandoned by his predecessors for decades.

He said his administration constructed 105 roads in less than three years in office.

He added that his administration had done so much with scarce resources despite insecurity and social media blackmail that were politically contrived.

At the event, the President General of Ohanaeze Ndigbo, Prof George Obiozor, said insecurity and infrastructural decay were the two major things affecting the South East region and appealed to the federal government to address them.

Daily Trust

 

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