Massive oil theft cause of Nigeria’s economic collapse – Obasanjo

• He disclosed over 80 per cent of the country’s crude oil were stolen

Former President Olusegun Obasanjo has cited brazen stealing of Nigeria’s crude oil for the country’s unsettling economic downturn.

He disclosed over 80 per cent of the country’s crude oil were stolen.

Obasanjo made the disclosure in Abuja at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo, a former associate of the ex-Vice President, Atiku Abubakar.

According to the former president, while other oil-producing countries are making huge revenue from crude oil and have records of their oil production, Nigeria cannot account for hers due to theft.

Obasanjo, who was represented by a former governor of Niger State, Babangida Aliyu, said crude oil theft is one of reasons the Nigerian economy would be in ruins.

The former president said while the crude oil quota is about two million barrels per day, over 1.7 million are stolen.

On whether Nigeria should go back to the parliamentary system, Obasanjo said there is nothing wrong with the presidential system, adding that Nigerians do not play by the rules.