There is a documentary going viral in the last 24 hours that was put together by Al-Jazeerah (START HERE) where the question of “where does the money gotten from Nigerian oil wealth go?” experts gave abarliqrs at the end.
In the video, they said “It is no longer news that Nigeria is top oil producer in Africa and that oil is the biggest revenue source for its Government, but you will wonder why has the economy been struggling, the poverty level is on the rise on a daily and you begin to wonder where does the oil wealth go? Who is spending all that money generated from the oil?”
They added that the country must have been called the giant of Africa for a reason we all believe. Yes, because it houses Africa’s biggest population and the largest economy as a result of a booming services industry and agriculture (Palm oil and cocoa export). The African’s biggest film industry, Nollywood, is also from Nigeria. The music and fashion industries are also booming. It also houses several elites including the richest man in Africa (Aliko Dangote). The country is also blessed with lots of Natural resources like gold, coal, marble, oil, to mention a few. The oil is massive that it is called the 2nd largest proven oil producer in Africa and 12the largest in the world.
They went further and said Nigeria has all this. Lots of its citizens have it hard, and according to research, 90 million Nigerian lives in not just poverty but extreme poverty, making it be 48% of the population because have its population lives on less than $2 daily. When you compare that to the 24% in Ethiopia and 16% in Kenya that have no oil, you continue to wonder where the money goes. It is obvious the Nigerian Government relies on the oil wealth for even as much as 75% of its revenue, and that was why in 2014, when the global oil bottom down, it went into recession and still struggling to get out till date.
The oil experts said even when the oil prices were reasonable, its people get little or nothing from the wealth generated because the Government has failed to reinvest it into the lives of its people. The revenues are used to pay off debts and pay salaries to the lawmakers, governors, and other top officials in the Government. This is nothing but preferential treatment because infrastructures like schools, hospitals, good roads do not get built, and that means an average Nigerian does not benefit from oil wealth, and that is the reason poverty is eating deep into her people.
After all this analysis, it makes sense now to see the amount of Nigerians aspiring to get to top government positions during the election because that is the only way to get to enjoy the oil wealth.
Drop a comment on what you think is to be done so a regular citizen can enjoy the oil wealth. Like and share so others can see.