Olisa Agbakoba, a Senior Advocate of Nigeria (SAN), has urged President Bola Tinubu to increase oil production in the country as it will prop the value of the naira and end Nigeria’s lingering economic crisis.
The former president of Nigerian Bar Association (NBA), in a statement on his X handle Saturday, said maximuum crude oil production and sales will get the country out of its economic mess in short term.
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“President Tinubu should maximise crude oil production to at least 2.4 million barrels a day, pay down debts, apply funds to meet national needs,” Agbakoba said.
“Optimal oil production is our way out,” he asserted.
Agbakoba stated that the president doesn’t have enough money in the treasury to meet the many needs of the over 200 million Nigerians, urging him to learn how former President Olusegun Obasanjo dealt with the country’s economic headwinds during his time.
“First, President Obasanjo tackled corruption and plugged waste. Nuhu Ribadu saw to that, as the fear of Nuhu was the beginning of wisdom.
“Second and most important was that president Obasanjo understood what is called public sector borrowing requirements and how much was needed to sustain the National system.
“Most important was President Obasanjo’s clear vision of how to raise revenue. This was from optimal production of crude oil,” he said.
The senior advocate noted that during Obasanjo’s era, revenue from crude oil was fully maximised, adding that daily production capacity was high.
Agbakoba further said that funds from sales of crude propped the value of the naira to the dollar, noting that the government was able to get things done without borrowing but using crude oil revenue.
Read also: Nigeria loses N3trn yearly to oil tax avoidance – Agbakoba
He however urged president Tinubu to stop international oil companies from controlling the country’s hydrocarbons revenue, paying down debts and hedging the naira against the dollar with crude oil dollars.
The legal luminary said Nigeria will be out of its economic quagmire within six months if the fiscal processes highlighted could be sustained.
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