OWERRI, Nigeria (The Informant247) – Nigeria’s President Muhammadu Buhari expressed concern on Tuesday over the spate of insurgency in the country, saying it was affecting the country’s oil revenue.
He said the activities of the Boko Haram in the northeast and insurgency in the southeast were preventing the country from realising its full potential as an oil-producing country.
“If Nigerians would recollect, between 1999 and 2015 when we came, I like people to check; OPEC projection was 2.1 million barrels per day at $100 per barrel,” Buhari said during a working visit to oil-rich Imo state in the southern region.
“But look at the state of infrastructure, look at the railways; it was virtually killed. Powe r… we are still struggling. When we came, it was unfortunate the militants in the South South were unleashed. The production went down to half a million barrels per day and again it’s unfortunate the cost of petroleum went down by half.”
The president, who expressed satisfaction that his administration had been recording success in its fight against insurgency, expressed regrets that notable Nigerians were culpable in aiding the menace.
“Again, unfortunately, the cost of petroleum went down from $28 to $27. Looking at the problem in the North East, ask anybody from Borno or Adamawa how many local governments were in the hands of Boko Haram—very fraudulent people.
“But now go and ask the hardworking governor of Borno how many local governments are in their hands now that the government is in charge.
“For relative peace and resources, this administration has done extremely well. I have to say it because those who are supposed to say it are not saying it, I don’t know why,” he said.
Buhari urged the elite in the country to join forces with his administration to tackle insurgency, banditry and other security challenges which, he said, hamper development.
Earlier this year, Nigeria’s oil regulators said the country lost $1 billion in revenue during the first quarter of this year due to crude theft, which authorities blamed on militants operating in the oil-rich Niger-Delta region.