According to Nigeria's Vice President, Prof. Yemi Osinbajo, Nigeria is losing about 400,000 barrels of crude oil worth N4.8bn to thieves every day, PREMIUM TIMES reports.
Speaking at the 10th Anniversary of Crescent University, Abeokuta, Osinbajo says the Buhari-led administration is passionate about revamping the economy and increasing power supply by prioritizing security in the oil sector.
“In the petroleum sector, vandalism also contributes in no small measure to the drop in the output of the sector. 400, 000 barrels are stolen on daily basis while countries like Ghana only survive on less than 150, 000 barrels.” he said.
“The militancy in the south has also reduced oil production significantly and that is why any form of extremism must be put down not only because of the economy but for the unity and peace of the country and that is why all the recent initiatives are important because we must deal with the question of economy,” he added.
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