Nigeria’s Economy Faces Crude Theft and Illegal Mining Threats

Oyebade highlighted the impact of crude theft and illegal mining on Nigeria's economy, citing these activities as significant threats. He described fuel subsidy removal as one of Tinubu’s most daring decisions.

Oyebade referenced past concerns raised by former Minister of Finance, Dr Ngozi Okonjo-Iweala, and former CBN Governor, Sanusi Lamido Sanusi, regarding subsidy claims and crude revenues.

Oyebade noted that while crude theft has decreased over the past three years, production has increased. He also linked illegal mining of gold, lithium, and other minerals to insecurity, stating that criminal groups arm militia to protect illegal sites and fund violence, while denying the country revenue.