Oil Theft, Budget Deficit and the Crisis of Economic Decline in Nigeria
Journal Title: Scholars Journal of Arts, Humanities and Social Sciences - Year 2016, Vol 4, Issue 4
Abstract
The paper explores the problem of oil theft, budget deficit and economic crisis in Nigeria. In doing this, secondary sources of data collection were used. The paper establishes that Nigeria is on the verge of a major fiscal crisis following unabated massive theft of crude oil in the Niger Delta. It is said that oil theft/illegal oil bunkering costs the federal government $1 billion every month. Oil theft is perceived as a consequence of the State’s incapacity to bring succour to the populace in the Niger Delta and their desperation to meet their necessities. An analysis of oil theft in the context of the political economy theory reveals that it is a consequence of government’s exploitation of the Niger Deltans, the horrors brought about by oil exploration; the desperation of the Niger Deltans to change the social order; government’s repression of Niger Delta agitations and economic scarcity experienced by the Niger Deltans. Oil theft is part of a continuum which started with mild agitations, protests, intense activism and disruption of oil production. Apart from some Niger Deltans, top government officials, Multinational Corporation staff, the navy, soldiers and the police are involved in illegal oil bunkering. To halt oil theft would require the government, MNCs, security officials and the Niger Deltans to act in synergy in curbing the trend. Keywords: Oil Theft, Budget, Economic Decline, Oil Benchmark,Medium Term Expenditure Framework and Fiscal.
Authors and Affiliations
G. C Sokoh (Ph. D)
Keywords
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