Buhari says Nigeria must tackle crude oil theft, inaugurates committee

President Muhammadu Buhari, inaugurating the Presidential Committee on National Economy at the State House, Abuja, on Friday, said that the country must address crude oil theft.  The president associated negative impact with crude oil theft on the revenue exchange of the country, telling the committee members that production of crude oil, because of economic sabotage, has caused decline in production at half the nation’s OPEC quota.

Buhari directed committee members to tackle the distinct challenge, promising that his administration will work assiduously to reverse the trend.

Members of the committee include Vice President Yemi Osinbajo, chairman of the National Economic Council (NEC); Governor Aminu Tambuwal of Sokoto State, representing the Nigeria Governors’ Forum, and some members of the federal cabinet.

President Buhari justified the high borrowing rate, saying that borrowing is vital to achieving infrastructural development.

In about eight months to the end of President Buhari’s second tenure, the Presidential Committee is expected to review the national economic situation and propose measures to ensure the progress of the nation’s economy, receive regular updates on economic conditions in the country, identify issues that require urgent intervention to improve macroeconomic and fiscal conditions, review the impact of existing and new policies on the Nigerian economy and provide directions to relevant institutions responsible for fiscal, monetary and other relevant policies.