Nigeria Is Bleeding, We Need To Stop The hemorrhage - Senator Ibezim

The senator representing the Imo North Senatorial district, Senator Chukwuma Frank Ibezim has decried the falling state of the economy because of the hemorrhage caused by oil theft. He called on Nigerians to save the country's economy from further degeneration by curbing the activities of oil thieves and pipeline vandals that have crippled its oil industry.

Ibezim who said this on Wednesday while fielding questions from journalists pointed out that the large scale and massive stealing of oil, is concerning, as this drastically has reduced the revenues available to the Government.

With conflicting figures, projections have put our losses from this malaise at between 700,000 to 900,000 barrels of crude Oil per day, leading to about 29 to 35 per cent loss in Oil revenue in the first quarter of 2022.

"The only thing that is sustaining our economy, that is oil, we can't even produce our quota and it's not because we don't have oil but it's because we the owners of the oil have decided that we will not allow the use of the oil by the government.

"Nigeria's crude oil production has crashed by 24.73 percent in September 2022 to 937,766 barrels per day, compared to 1.246 million barrels per day recorded over the corresponding month in 2021.

"Some sections are not happy and they are trying to put laws into their hands, and the reason is simple. All of these years, we have continued to spend money in this country without thinking of setting up structures that will bring development, positive developments and productivity. So over the years, having done that, We have not allowed industries to spring up. We have not solved our power challenges"

"Unfortunately, as we're having those issues, our population is rising and rising and rising. More than 70% of our population is even under forty, no jobs. So most of them have come out of school. Some of them that got married, can't sustain their family. Some of them that are supposed to get married, can't marry.

"The young people in this country are frustrated, they are the most hit. So that is why we have these cases of insecurity and because we have insecurity, we have no production. We have no power source. Our God given natural resources, our people are stealing it.

"If you go up north where we have resources like gold, and other solid Minerals, bandits are stealing the resources. So we have a problem right now. You have the free fall of Naira because there's no production whatsoever. We have no power to resuscitate industry. So what do you expect?

"People are busy saying that we must remove subsidies. Do you understand what that means? If you remove the fuel subsidy, one litre of petrol will be over 900 naira. So who will buy it? That means the country will cripple.

"These are perilous times, we must all come together. Make sure that we have the right set of people to manage our affairs come 2023. Many Nigerians are hungry and desperate, hence the reason they have taken to crime" he said.

He admonished Nigerians to take the above premise for choosing the right leader that will enthrone the right leadership and good governance come 2023.

Ibezim also noted the worsening state of insecurity across the country - characterised by kidnappings, banditry, and assassinations, among others.

He decried the growing fear within the federal capital, arising from the recent security alert.