President Muhammadu Buhari has blamed the fall in oil revenue on militancy and the spate of insurgency in the country.
He said the activities of the Boko Haram in the North East and insurgency in the South East were preventing the country from realising its full potential as an oil-producing country.
Buhari said this while speaking at a stakeholders’ meeting in Owerri, the Imo State capital, after inaugurating three projects executed by the Governor Hope Uzodimma administration.
He said his administration had been able to deal with insurgency but expressed regrets that notable Nigerians were culpable in aiding the menace.
He said, “If Nigerians would recollect, between 1999 and 2015 when we came, I like people to check; OPEC projection was 2.1 million barrels per day at $100 per barrel.
“But look at the state of infrastructure, look at the railways; it was virtually killed. Power…we are still struggling. When we came, it was unfortunate the militants in the South South were unleashed. The production went down to half a million barrels per day and again it’s unfortunate the cost of petroleum went down by half.
“Again, unfortunately, the cost of petroleum went down from $28 to $27. Looking at the problem in the North East, ask anybody from Borno or Adamawa how many local governments were in the hands of Boko Haram—very fraudulent people.
“But now go and ask the hardworking governor of Borno how many local governments are in their hands now that the government is in charge.
“For relative peace and resources, this administration has done extremely well. I have to say it because those who are supposed to say it are not saying it, I don’t know why.”
“My administration is addressing infrastructure and security in Nigeria when compared with what we used to have from 1999 till 2015 when we took over,” he said.
At the event, the President General of Ohanaeze Ndigbo, Prof George Obiozor, said insecurity and infrastructural decay were the two major things affecting the South East region and appealed to the federal government to address them.