Muhammadu Buhari blames militants, terrorists for drop in oil revenue
President Muhammadu Buhari has attributed the decline in oil production revenue to the conflict that was being fueled in the South-South and North-East when he took office and was being carried out by militants and Boko Haram.
The President was pleased that his administration had been able to cope with the threat, but he regretted that those who were meant to discuss the issues the nation was facing had not done so.
When he visited Imo State on Tuesday to officially open the Owerri/Okigwe and Orlu/Owerri highways as well as the State House of Assembly complex, Buhari also praised Governor Hope Uzodinma, in particular for the significant road improvements in the State.
He pledged that his administration will keep assisting the State in obtaining more democratic benefits.
“If Nigeria will recollect since 1999 and 2015 when we came, I like people to check, OPEC projection was 2.1 million barrel per day of every cost of hundred American dollars per barrel, so Nigeria was earning for this time 2.1 million times 100 times the number of this production.
“But look at the State of infrastructure, look at the railways it was virtually killed, power, we are still struggling, when we came it was unfortunate, the militant in the South-south were unleashed, the production went down to half a million barrel per day and again it’s unfortunate the cost of petroleum went down to half a million dollar per day.
” Again unfortunate cost of petroleum went down from 28 to 27 dollars, looking at the problem in the northeast, ask anybody from Borno or Adamawa how many local governments were in the hand of Boko Haram, very fraudulent people, but now go and ask the hardworking governor of Borno, How many local governments in their hand now the government is in charge.
“For relative time and resources, this administration has done extremely well, I have to say it because those who are supposed to say it is not saying it, I don’t know why.”
The President also urged the elite in the country to join forces with his administration to tackle insurgency, banditry and other security challenges which he said hamper even development.
He commended Uzodinma for his laudable achievements in the State “even with the limited resources available to state government.”