• Advert Rate
Tuesday, March 28, 2023
  • Login
Nigeria News
Advertisement
  • NEWS
    • Politics
      • World News
    • Business
    • Sport
    • Entertainment
    • Health
  • Election 2023
  • Journalists’ Hangout
  • Issues With Jide
  • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy
No Result
View All Result
  • NEWS
    • Politics
      • World News
    • Business
    • Sport
    • Entertainment
    • Health
  • Election 2023
  • Journalists’ Hangout
  • Issues With Jide
  • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy
No Result
View All Result
Nigeria News
No Result
View All Result
Home Latest News

‘Oil theft can be stopped if FG has the will’- Moghalu

Share on FacebookShare on Twitter

 

It is estimated that Nigeria loses approximately 300,000 barrels of crude oil per day due to oil theft.

“Nigeria is massively indebted, as the country is currently servicing its existing debt.

“We would be better able to balance our books, pay for social services, and promote national development if there were no oil theft.

“Additionally, the ASUU issue would have been resolved if there had not been oil theft, as they are requesting payment of $1.3 trillion in arrears owed to them as a result of agreements they had with the federal government. These issues will be solved if oil theft stops for two months.

These were the submissions made by Professor Kingsley Moghalu, a former deputy governor of Nigeria’s Central Bank and  political economist on Friday while discussing oil theft on ThisMorning with Yoriu Folarin.

[wonderplugin_video iframe=”https://youtu.be/8KbLq5YtiRs” lightbox=0 lightboxsize=1 lightboxwidth=960 lightboxheight=540 autoopen=0 autoopendelay=0 autoclose=0 lightboxtitle=”” lightboxgroup=”” lightboxshownavigation=0 showimage=”” lightboxoptions=”” videowidth=600 videoheight=400 keepaspectratio=1 autoplay=0 loop=0 videocss=”position:relative;display:block;background-color:#000;overflow:hidden;max-width:100%;margin:0 auto;” playbutton=”https://www.tvcnews.tv/wp-content/plugins/wonderplugin-video-embed/engine/playvideo-64-64-0.png”]

Prof. Moghalu went on to say that oil theft is a major issue in Nigeria. “It is organise crime, which says a lot about the ‘state’ of the Nigerian state.

“A full one-third of the natural resources on which it relies for foreign exchange are stolen, with 90% of them being stolen.”

According to the former CBN governor, in order for Nigeria to survive in the short term, the federal government must address the issue of oil theft, as the country continues to sink deeper and deeper into a severe economic crisis.

He went on to say that there are numerous revenue streams, including stolen revenue from oil theft.

Nigerians are not secure due to security issues, lack of political will, and other factors.

Prof. Moghalu pointed out that it is not surprising that the government is currently attempting to become more aggressive against terrorists by going up against the enemy for a number of reasons.

‘You can’t fight terrorism by fighting a defensive war”

“I suspect that there might have been a lot of reactions of panic in the political class itself, people began to move motions of impeaching the president.

“The diplomatic community as well, everyone was worried for their safety and people began to realise that we cannot continue to take excuses anymore, we therefore began to see a stronger pushback.

“We hope that the pushback is sustained and increased because terrorists must be eradicated; we cannot live with terrorism, and we hope that the same thing will be applied to the oil theft crisis.

“I believe that if government is serious about stopping oil theft, it will be stopped.

Speaking on the value of the naira, former deputy CBN governor Prof Moghalu said it is a combination of Nigeria relying primarily on oil to earn foreign exchange on crude oil.

When you have a mono product economy in terms of foreign exchange earnings, the risk to which your economy is exposed is high because oil sales are where our foreign reserves are funded, if anything goes wrong with the price of oil, it will affect the value of our legal tender, the naira.

According to him, the primary purpose of foreign reserves is to protect the value of our currency because they demonstrate that we have enough money to cover imports for several months. This boosts confidence in international trade when reserves start to decline, which occurs when oil prices fall, production of oil is very low, or when oil prices are high but we are currently spending almost all of our income from oil on petroleum products.

“Any of these circumstances creates a massive structural imbalance in the foreign reserves”, he added.

ADVERTISEMENT

Trending Stories

S
Latest News

Nigerians Defence Academy Kaduna.

November 30, 2022
We are working to enhance security for train service -NRC
Latest News

We are working to enhance security for train service -NRC

November 16, 2022
Soludo vows to go after killers of Soldiers in Umunze
Latest News

Soludo vows to go after killers of Soldiers in Umunze

October 6, 2022
Gunmen kill five soldiers, others in Anambra community
Latest News

Gunmen kill five soldiers, others in Anambra community

October 11, 2022
FG approves N580.5M for Armoured Vehicles for NDLEA
Latest News

FG approves N580.5M for Armoured Vehicles for NDLEA

October 11, 2022
SWAGA inaugurates women wing in Oyo for 2023 Elections
Latest News

SWAGA inaugurates women wing in Oyo for 2023 Elections

October 10, 2022
Igbo community backs Zamfara on Banditry, pledges cooperation
Latest News

Igbo community backs Zamfara on Banditry, pledges cooperation

October 11, 2022
Yoruba Youth celebrate campaign start off, donate Tinubu banner
Latest News

Yoruba Youth celebrate campaign start off, donate Tinubu banner

October 11, 2022

Trending Video

«
Prev
1
/
155
Next
»
loading
play
Wike, Makinde Deliver Speech At The Commissioning Of Trans-Kalabari Road
play
UPDATE | Ayu Steps Down, As Damagum Takes Over As PDP Acting Chairman
play
Wike Full Speech At The Commissioning Of Phase 1 Of Trans-Kalabari Road
play
Wike Appreciate Trans-Kalabari People For Their Turnout In the Just Concluding Election
play
Seyi Makinde Full Speech As He Commission the Phase 1 of Trans-Kalabari Road
play
Moment Seyi Makinde Commission Trans-Kalabari Road, Phase 1
play
I fulfil My 2014 Promise To Complete This Project Of Trans-Kalabari Road
play
TRENDING | Ayu Steps Down As PDP National Chairman
play
COMMISSIONING OF TRANS-KALABARI ROAD PHASE 1 | RIVERS STATE INFRASTRUCTURE
play
Court Restrain Ayu From Parading Self As PDP Chairman
play
Watch | Ex-CGS Oladipo Diya to Get State Burial – Gov Abiodun
play
President-Elect should focus on Government of National Unity - Sani
play
Why It Is Wrong To Say Governor Wike Worked Against Peter Obi - Gov Umahi
play
WATCH: Gov Umahi Begs Tinubu To Make Wike A Part of His Administration
play
(WATCH) Ogun State Govt Takes Over Lt General Diya's Burial
«
Prev
1
/
155
Next
»
loading
Next Post

Industrial Court adjourns FG's Case against ASUU to 19th Sept.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Currently Playing

TVC News Nigeria LiveStream

TVC News Nigeria LiveStream

01:20:26
ADVERTISEMENT

Health

Ghana officially declares end to Marburg virus outbreak

by tvcnews
October 17, 2022
0

  Ghana has announced an end to the Marburg virus outbreak two months after the disease was discovered in the...

Monkey pox: China cautions citizens against close contacts with foreigners

by tvcnews
October 17, 2022
0

  China's chief epidemiologist Wu Zunyou has cautioned the populace against close contacts with foreigners to prevent the spread of...

Edo stakeholders meet on ways to tackle drug abuse amongst youths

by tvcnews
October 17, 2022
0

  Wife of Edo state governor, Betsy Obaseki, has advocated for a collaborative effort to combat drug abuse amongst youths....

MDCN warns practitioners against unethical practices

by tvcnews
October 17, 2022
0

  The Medical and Dental Council of Nigeria (MDCN) has warned that it will not hesitate to sanction and censure...

FG approves vaccine production plant in Ogun state

by tvcnews
October 17, 2022
0

  The Federal Executive Council has approved the process of establishing a vaccine manufacturing plant in Ota, Ogun State. Dr....

ADVERTISEMENT

TRENDING

S
Latest News

Nigerians Defence Academy Kaduna.

by aarontvc
November 30, 2022
0

They are here for a convocation lecture marking the commencement of graduation activities for the passing out parade of cadets...

Read more
We are working to enhance security for train service -NRC
Latest News

We are working to enhance security for train service -NRC

by TVCN
November 16, 2022
0

The Terrorists attack on the Abuja-Kaduna train on March 28 is still fresh in the memories of Nigerians. With this...

Read more
Soludo vows to go after killers of Soldiers in Umunze
Latest News

Soludo vows to go after killers of Soldiers in Umunze

by TVCN
October 6, 2022
0

Anambra State Governor, Professor Chukwuma Soludo has confirmed the killing of soldiers in Umunze, while also condemning the act. Soludo...

Read more
Load More
Nigeria News

We bring you all the latest and breaking news happening in Nigeria. You will also find interesting headline topics from news from around the world on different topical issues in Politics, Health, Business, Entertainment, Environment, Sports, and more.

Follow Us

  • Advertise
  • Privacy & Policy
  • Contact

© 2022 TVC Communications - Owner of TVC News

No Result
View All Result
  • NEWS
    • Politics
      • World News
    • Business
    • Sport
    • Entertainment
    • Health
  • Election 2023
  • Journalists’ Hangout
  • Issues With Jide
  • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Privacy Policy
    • Cookies Policy

© 2022 TVC Communications - Owner of TVC News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In