During the national budget presentation on Friday, 7th October, 2022, Nigeria’s senate president confirmed that an average of 800,000 barrels of Nigeria’s crude oil is stolen every single day. MY THOUGHTS:
Crude oil currently sells for about 92 US dollar per barrel.
At 432 naira to a dollar( official rate),Nigeria looses 31.7billion naira revenue everyday and about 954billion naira every month.
Using 740naira to a dollar (black market rate), Nigeria looses 54.4billion naira daily and about 1.63Trillion monthly. My take: No nation can survive or prosper with this degree of monumental revenue loss and theft? If today, Nigeria declares state of emergency on oil theft and deploy all it’s powers and resources to secure her oil assets and put an end to this national disaster, a lot of changes can happen:
Nigeria can make about 2.6trillion naira (official rate) or 4.5 trillion (unofficial rate) from oil revenue between now and December 31st, 2022.
Nigeria can grow its forex liquidity with about 6.1billion US dollars and the naira exchange rate will appreciate before year end.
Universities can be opened and students can go back to school. Destinies and futures are at stake for goodness sake!
Continued borrowings to fund budget deficit can be checked.
The country’s debt service to revenue ratio that has become unsustainable can be brought down.
These are just few out of what is achievable in this country within 83days with clear focus and sincerity of purpose.
The CEO of NNPC, Mr. Mele Kyari said earlier in the week that NNPC just uncovered a four-kilometre oil theft pipeline that pumps stolen crude oil from a terminal into the sea about six weeks ago. And that the said pipeline had been functional for nine years.
This singular discovery alone shows the level of unseriousness and insincerity in the nation. How can a four (4) kilometers of pipelines be laid successfully in the first instance and nobody is aware, not to even imagine how it pumped stolen crude oil unchecked for good 9years, until 6weeks ago. What a nation!
Like, I maintained severally in my previous write ups and media engagements, Nigeria is too blessed to be distressed and this country has no business with her level of abject poverty and penury at all.
Leadership should take the lead in the battle to confront this cankerworm consuming our national patrimony and may God heal our land. Nigeria bleeds!
N.B: for ease of estimation and understanding, I used the crude oil prices per barrel without factoring the Joint Venture sharing formular between Nigeria and the various IOCs to calculate the country’s gross revenue accruable)