Agbakoba Reveals How Public Debt Reaches $91.46 Billion, Despite $1 Trillion Generated Over 40 Years...CONTINUE READING

Renowned human rights activist and senior lawyer, Dr. Olisa Agbakoba, SAN, highlighted Nigeria’s growing public debt, which has reached $91.46 billion (N121.67 trillion), contrasting sharply with the country’s ability to generate over $1 trillion in revenue from oil and gas over the past four decades.

Agbakoba attributed this disparity to several factors, including the exclusion of Nigerians from key sectors of the oil and gas industry, weak enforcement of local content laws, and the incorporation of foreign agreements that often bypass Nigerian laws and jurisdictions.

Speaking at a media engagement in Lagos, Agbakoba presented a policy paper titled “The Paradox of Nigeria’s Oil and Gas Industry,” emphasizing the need for increased Nigerian participation in legal services, shipping, banking, insurance, drilling, oil field services, and engineering within the sector. He lamented that significant opportunities in these areas are predominantly exploited by foreign entities, resulting in substantial economic losses for Nigeria.

Furthermore, Agbakoba pointed out that despite existing legislation aimed at promoting local content, Nigerian companies continue to face challenges in securing major contracts and benefiting from technology transfer in the oil and gas sector. He criticized the prevalent practice of tax avoidance among oil rig companies, estimating annual losses to government revenue at approximately N3 trillion, a significant blow to national development efforts.

Agbakoba’s remarks underscored the urgent need for reforms to level the playing field and maximize Nigeria’s economic potential from its vast natural resources.