Vice President Prof Yemi Osinbajo has said that oil theft and losses pose a serious threat to Nigeria’s economy and impact negatively on the revenue of the nation.
According to the Vice President, if left unchecked, these could fuel a public finance crisis that paralyses the government and makes the nation vulnerable.
Osinbajo spoke at the stakeholders conference of the Special Investigative Panel on Oil Theft and Losses in Nigeria on Tuesday at Transcorp Hilton Abuja
“Oil Theft and Losses is a threat to our economy and national security. They pose a serious threat to our oil economy and impact negatively on revenue of the nation and business prospects of investors in the oil and gas sector.” Osinbajo said.
“If left unchecked this could fuel a public finance crisis that could paralyse the government and make our nation vulnerable,” he added, saying that Oil contributes about 80% of government foreign exchange and contributes six percent of the country’s Gross Domestic…
