Former President Obasanjo stated that a significant portion, more than 80 per cent, of Nigeria’s crude oil is being stolen.
Obasanjo pointed out that Nigeria’s economy is suffering due to the fact that, unlike other oil-producing nations which keep accurate records of their oil production, Nigeria is unable to do so because of widespread theft.
He emphasised that although the crude oil quota is set at approximately two million barrels per day, a significant portion of over 1.7 million barrels is being illicitly taken.
In considering whether Nigeria should revert to the parliamentary system or maintain the presidential system, Obasanjo highlighted that the issue lies not with the presidential system itself, but rather with the lack of adherence to established rules by Nigerians.
