Nigeria stands a chance of recording N1.37 trillion loss amid the insufficient revenue it’s plagued with. This is as members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) threatened to shut down oil production in the country for 30 days.
Members of the union, on Thursday, September 8, 2022, protested the lingering oil theft in various parts of Nigeria including Abuja, Warri in Delta State, Kaduna, and Port Harcourt in Rivers State.
Speaking at the sensitisation rally that was held at the Delta State Governor’s Office Annexe in Warri, the PENGASSAN Zonal Chairman, Prince Audu Osihiokhamele noted with concern that “the big men doing the business of crude oil theft are in government. They say they load vessels, but we don’t see any. Is it a needle?”
He then declared that failure by the authorities to find lasting solutions to the menace would push PENGASSAN into taking more drastic actions.
“We will shut down the country for 30 days until we all come to the round table to unravel the mysteries surrounding the thefts.
“PENGASSAN will resort to shutting down production for 30 days by withdrawing members, both onshore and offshore, wherever they are producing crude, should the government fail to hearken to this warning,” the PENGASSAN chief added.
An analyst, however, posited that should PENGASSAN members down their tools, Nigeria would record a loss of no less than N1.37 trillion between the 30 days.
Should Nigeria be worried?
BizWatch Nigeria understands that with the country’s debt servicing exceeding her revenue between January 2022 and April by over N300 billion, the President Muhammadu Buhari-led government would have a lot to worry about should the threat be actualised.