President Muhammadu Buhari blamed the drop in oil revenue on the country’s insurgency on Tuesday.
He claimed that Boko Haram’s activities in the North East and the insurgency in the South East were preventing the country from reaching its full potential as an oil producer.
He spoke at a stakeholders’ meeting in Owerri, the capital of Imo State, after inaugurating three projects overseen by Governor Hope Uzodimma.
The president expressed satisfaction that his administration had been able to deal with insurgency, but he regretted that notable Nigerians had been complicit in the menace.
“If Nigerians recall, between 1999 and 2015, when we came, the OPEC projection was 2.1 million barrels per day at $100 per barrel,” he said.
“However, look at the state of infrastructure, look at the railways; it was nearly extinguished.” We’re still struggling with power. When we arrived, the militants in the South South had been unleashed. Production was reduced to half a million barrels per day, and the cost of petroleum was reduced by half.
“Unfortunately, the price of petroleum fell from $28 to $27 once more.” When it comes to the North East problem, just ask anyone from Borno or Adamawa how many local governments were in the hands of Boko Haram—very dishonest people.
“But now, go ask Borno’s hardworking governor how many local governments they have now that the government is in charge.”
“In terms of relative peace and resources, this administration has done exceptionally well.” I have to say it because those who are supposed to say it aren’t, for some reason.”
Buhari urged the country’s elite to join forces with his administration to combat insurgency, banditry, and other security challenges that, he claimed, impede development.
At another stakeholders meeting at Douglas House in Owerri, Imo State’s capital, the president stated that his administration had made significant progress in combating insecurity and infrastructure decay.
He claimed that despite limited economic resources, his administration was able to accomplish a lot.
“Compared to what we had from 1999 to 2015 when we took over, my administration is addressing infrastructure and security in Nigeria,” he said.
The president claimed that the military’s sustained efforts had severely weakened insurgents’ ability to hold the country hostage.
Uzodimma claimed that the roads Buhari inaugurated had been neglected for decades by his predecessors.
He claimed that in less than three years in office, his administration built 105 roads.
He went on to say that his administration had accomplished so much with limited resources, despite political insecurity and social media blackmail.
At the event, Prof George Obiozor, President General of Ohanaeze Ndigbo, stated that insecurity and infrastructure decay were the two major issues affecting the South East region and urged the federal government to address them.