Buhari regime blames oil theft for massive borrowing
The federal government says theft of Nigeria’s crude oil has gravely affected earnings, forcing the Muhammadu Buhari regime to resort to borrowing.
Labour and employment minister Chris Ngige said at the 8th meeting of the National Employment Council on Friday in Abuja.
Crude is Nigeria’s top earner but the country is not meeting her OPEC production quota, slipping from 2.2 million barrels per day down to 1.8 million barrels.
“Now, we cannot even produce the 1.8 million barrels. We are hovering around 1.1 million barrels per day, and they told us that some people are stealing our crude oil,” Mr Ngige was quoted as saying by labour ministry’s spokesman Olajide Oshundun.
“This is a very serious matter because it has made us become very mendicant. We are now a mendicant nation, resorting to begging for survival,” the minister said.
Mr Ngige asserted that the menace has hampered the efforts of the federal government towards creating jobs for the country’s teeming youthful population.
He added that the nation cannot continue that way because it has hampered efforts to create jobs for our teeming youthful population.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Africa
Govt threatens to stop salaries of striking Kenyan doctors after failed negotiations
The strike has paralysed medical activities in the East African country.
Economy
Naira loses 0.64% against dollar at official market
At the Investor’s and Exporter’s window on Tuesday, the naira traded between N1, 367 and N1, 098 against the dollar.
Africa
Gabon’s national dialogue proposes economic development, good governance
Mr Mve stated that youth unemployment was one-factor government officials believed to be linked to mounting insecurity.
Lagos
Nigeria’s ruling APC used political thugs to suppress Igbo votes in Lagos, rig Sanwo-Olu back to office: U.S. Govt
“Viral videos on social media showed APC supporters in Ojo threatening to attack ethnic Igbo voters presumed to be pro-Obi.’’
NationWide
Public procurement association tasks members on ethical values, best practices
“We are trained to identify those risks and mitigate them.’’
Sport
Mbappe leads PSG’s 4-1 victory over relegation-haunted Lorient
Lorient keeper Yvon Mvogo had to get down well to palm away Mbappe’s curling 17th-minute effort.