By Yemi Olakitan
The Federal Government has expressed concerns over the large-scale theft of Nigeria’s crude oil. On Friday, President Muhammadu Buhari stated that the crude oil theft was having an “enormous” impact on the country’s finances.
According to the oil regulator, Nigeria experienced a revenue loss of one billion dollars owing to the theft of crude during the first quarter of this year.
Buhari said government employees who are asking for a wage increase so that they can cope with double-digit inflation should know that Nigeria is unable to meet certain of its financial obligations to its citizens as a result of the theft of oil revenues.
“On your request for a salary review, I wish to urge you to appreciate the revenue constraints being presently faced by the government,” said Buhari. “These constraints are caused mainly by the activities of unscrupulous citizens through the theft of our crude oil, which is a major contributor to our revenue base.” “I wish to urge you to appreciate the revenue constraints being presently faced by the government.”
According to the local head of Shell, crude theft poses an existential threat to Nigeria’s oil industry, which has resulted in the total shutdown of two of its key pipelines. This threat has caused Shell to take this action without hesitation.
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After the COVID-19 outbreak created havoc on the economy, Nigeria is currently engaged in a battle to restore stability to its faltering currency, rein in spiralling inflation, and stimulate economic expansion.
According to figures released on Monday, Nigeria’s annual inflation reached its highest level in 17 years in the month of July.
In addition, Buhari stated that the conflict in Ukraine was to blame for the increase in the cost of transportation for products and services all over the world.
He gave orders to security agencies to swiftly crack down on those involved in oil theft in the Niger Delta, and he added that Nigeria was also strengthening cooperation with its neighbours to prevent criminals from syphoning away stolen crude by sea.
This was done in an effort to further frustrate criminals from stealing oil in the Niger Delta.
President Muhammadu Buhari said, “We will not allow a few criminals to have unfettered access to the nation’s oil supply.”
