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FG loses $178b oil and gas revenue in 29 years

By Cornelius Essen, Abuja
20 January 2022   |   3:44 am
President of the Movement for the Survival of the Ogoni People (MOSOP), Fegalo Nsuke, revealed yesterday, that the Federal Government has lost $178,850,000,000...

Fegalo Nsuke

President of the Movement for the Survival of the Ogoni People (MOSOP), Fegalo Nsuke, revealed yesterday, that the Federal Government has lost $178,850,000,000 (One hundred and seventy eight billion, eight hundred and fifty million), since Shell exited Ogoni oilfields in 1993.

Nsuke, who addressed the Congress in Bera, Gokana council, blamed government’s mismanagement of the Ogoni crisis for the huge financial losses, saying, based on available evidence from the oil industry, Ogoni’s oil production capacity stood at 350, 000 barrels a day before the exit of Shell from Ogoni in 1993.

“An estimated average of $50 for a barrel then, Nigeria has lost an estimated N72 trillion for its mismanagement of the Ogoni crisis. Instead of listening and engaging the people, those who managed the country opted for the repressive approach of killing, maiming and torturing thus exacerbated and prolonged the conflicts.”

Nsuke urged Nigeria to accept the offers made by MOSOP for the implementation of an Ogoni Development Authority to pave the way for a peaceful resolution of the conflicts.

He said the continual delay by relevant agencies of government to accept the Ogoni demands and reach a deal with the Ogoni people does not only amount to economic sabotage but represents a threat to the security of the country.

“The repressive approach and divide and conquer tactics of the oil industry have only worsened the relationship between the government and the people and prolonged the conflicts. The Nigerian government should accept MOSOP’s development proposals as the way forward to a speedy and peaceful resolution of the Ogoni conflicts.

“Money runs the government and so when those in government fail to take advantage of opportunities to resolve issues that affect the national economy, it does not only amount to sabotaging the economy but is also a threat to national security.”

“I think the inability of decision makers to peacefully resolve the Ogoni crises in over 28 years, leading to the loss of over $178 billion amounts to sabotaging the economy and national security,” Nsuke said.