1 Million Barrels lost to Vandals Daily – Yemi Osinajo

Yemi Osinbajo, Nigeria’s Vice President has stated that the activities of pipeline vandals have seen the country lose one million barrels of crude oil daily over the last six months.

Osinbajo disclosed this on Tuesday while receiving a delegation of the Northern States Pentecostal Bishops Forum in his office at the Presidential Villa, Abuja, Punch writes.

In statement signed by his spokesman, Laolu Akande, Osinbajo, who is the head of the country’s economic team, said “In addition to the massive fall in oil prices, the VP stated that the vandalism of pipelines had led to a worsening of the situation with the country losing about one million barrels of oil per day for up to six months now. The vandalism has equally cut power supply short since gas pipelines were also destroyed.”

Stating that the present hardship is a consequence of despoliation of the past, the Vice-President assured Nigerians that “there is great hope that this country will prosper.”

“This country has been badly governed. We are dealing, for instance, with the embezzlement of funds to the tune of $15bn in one sector alone.”

Osinbajo further implored the religious leaders, and all Nigerians to openly condemn corruption.

“We have to, that is why we are here. We have not turned attention to the oil and gas sector, where the former CBN governor alleged that $20bn was stolen. We must condemn and stand up against this level of corruption. It is the single most important reason of the current state of the country. We can’t ignore it.”

“Our currency depreciated because we don’t have the reserves to back it. At the height of the oil boom, there were no savings.”

Mr Vice President  reiterated the administration’s drive towards delivering on campaign promises, stating that “very soon, the 500,000 jobs scheme will take off,” alongside other schemes.