Elumelu Hits FG: It’s a shame, Nigeria’s FX reserves are not benefiting from the peak crude oil price

The chairman of Heirs Holdings, United Bank for Africa Plc and Transcorp Nigeria Plc, Mr. Tony Elumelu, has taken a swipe at the Federal Government
Elumelu Hits FG: It’s a shame, Nigeria’s FX reserves are not benefiting from the peak crude oil price

The chairman of Heirs Holdings, United Bank for Africa Plc and Transcorp Nigeria Plc, Mr. Tony Elumelu, has taken a swipe at the Federal Government, saying it is a shame that While other oil producing countries are enjoying the benefits of the peak in crude oil prices, Nigeria’s FX reserves are not benefiting from the crude oil price increase.

The business magnate, who lamented the situation in a statement dropped on his twitter handle few minutes ago, opined: “The brazen daylight theft that is bleeding our oil reserves makes me wonder if there is no larger involvement and protection of these criminals”.

He added: “Two weeks ago, while addressing Senior Officers of the Defence Headquarters, I raised the issue of oil theft in this country and the National emergency that it has become.

“Last year alone, Nigeria lost over $3.5bn of its revenue to crude oil theft! Imagine if this had been added to our national coffers or used to bolster CBN’s intervention facility to stimulate investment in the gas value chain?

“I call on our Government to take a closer look at the theft of Nigeria’s oil production. It requires urgent attention and action.

“There is no better time for us to reap the benefits of our natural endowments than now, especially as the world is talking about energy transition.

“If we do not act now while our oil is still valuable, we may miss yet another opportunity to accelerate our industrialization and lift our people out of poverty”.