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.
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
INEC said it would replace election materials that were lost in the attacks ahead of 2023.
Manchester United duo of Bruno Fernandes and Casemiro netted the winners in both important fixtures.
Nasiru Idris said the ministry would also be mandated to fish out drug addicts across Kebbi.
Mr Musk also claims that Apple has suspended majority of its advertisements on Twitter.
The 36 states and the FCT will be competing in over 30 different sports in the festival.
The downturn was due to sell-offs in tier-one banks and industrial stocks such as Zenith Bank, Stanbic Bank and BUA Cement.