Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has declared that the country is unable to reach its output quota because to unjustified oil theft. ayokinews.com reports
Emefiele stated this while speaking at the conclusion of the 284th monetary policy committee (MPC) meeting in Abuja, on Monday.
Following the MPC meeting, the committee decided to keep the Monetary Policy Rate (MPR), or interest rate, at 11.5 percent with an asymmetric corridor of +100/-700 basis points around it.
According to the CBN Governor, oil theft is one of the major reason why there’s fuel scarcity, apart from the ongoing Russian-Ukraine war.
He further added that the international oil prices have risen, which is compounded by a shortage supply of petroleum product.
“Apart from the Russia-Ukraine war, crude prices have increased due to supply shortage and of course, for Nigeria, we have not been able to meet the export quota primarily because of unwarranted oil theft that we see in our environment today. This has resulted in the increase in the price of diesel and petrol,” Emefiele said.
“Also, because of the war, there’s been a rising price not just in crude oil but also in food. The increase is so astronomical that it is not just affecting Nigeria but the world.”
Emefiele also spoke about the MPCs concern on the unprecedented oil theft as well as the increase in the price of fuel, which is taking a tremendous toll on the economy.
He charged the sector’s management to respond quickly to the challenges being faced.
