Nigeria loses 95% of its crude to looters — Elumelu

Nigerian Entrepreneur Tony Elumelu on Thursday said that Nigeria loses 95 per cent of its crude oil to looters under the Present administration.

Mr Elumelu while reacting to recent development in the country, lamented that Bonny Terminal ought to be receiving 200,000 barrel of crude oil as against the 3,000 barrel it gets on a daily basis.

“Businesses are suffering. How can we be losing over 95% of oil production to thieves? asked Mr Elumelu via a tweet.

“Look at the Bonny Terminal that should be receiving over 200k barrels of crude oil daily, instead it receives less than 3,000 barrels, leading the operator @Shell to declare force majeure.”

His comments comes in the wake of the recent national grid collapse that has continued to put the entirety of Nigeria in thick darkness as well as the continued hike in the pump price of diesel.

Recall that the pump price of diesel hit a record high of N800 per litre, with the new price showing a significant increase in pump price from the initial N225 per litre sold in January 2021.

Mostly used by large scale businesses in their daily activities in the wake of the erratic power supply being experienced in the country, the price of diesel, which is largely unregulated, has surged by over 113 per cent in the last 14 months.

On the incessant national grid collapse, aides to the president have continued to deflect blames, claiming that Nigeria experienced power grid collapse more frequently during the administrations of late Umaru Yar’Adua and Goodluck Jonathan.