The Chief of Army Staff, Lt Gen. Olufemi Oluyede, has given troops protecting oil installations in Port Harcourt one month to see improvement in production through the reduction of illegal bunkering.
He stated the government must make more money from crude oil production in order to crash the dollar rate against the local currency.
Lt. Gen. Olufemi Oluyede, who spoke in Port Harcourt while addressing troops of 6 Division of the Nigeria Army , Port Harcourt, said, if Nigeria is not making money from oil production, the foreign exchange rate will keep on rising and everything will be very expensive.
Nigeria’s crude oil production is slightly above 1.5m barrels per day with a target of 2m barrels by the federal government.
Oluyede, however, charged the troops of the division to scale down the activities of illegal oil bunkering in Niger Delta within one month so as to increase oil production output, which he said will have a positive impact on foreign exchange earnings of the country.
Oluyede said there is no way Nigeria can earn more dollars if oil theft and illegal bunkering persists.
He said as the mainstay of the Nigeria’s economy a rise in oil theft and illegal bunkering will reduce oil production and consequently affect foreign exchange earnings in the country.
He advised the troops to resist the temptation of being engaged in illegal oil bunkering, warning that anyone caught will be dealt with decisively.
He said, “There is no other way as we speak now that the dollar will come down if government does not make money from oil because oil is the mainstay of the Nigeria’s economy. So, if we are not making money from oil, the dollar will keep rising and that means everything will be very expensive.
“Nigeria is our country. We don’t have any other country. So, we must make Nigeria work. So, why I’m here this afternoon is to tell you to safeguard all the oil installations in Niger Delta and that you must do well. I have spoken to your Brigade commanders I have spoken to your Commanding officers. I have told my officers to lead you well.
“If anybody tells you to go and do anything illegal, tell him the Chief of Army Staff said you must not do it.
“In the next one month, I must find changes here that oil production must go up so I have come to talk to you as your father and as your leader. Now, as your father, I will beg you to do what is right, that is as your father, then as your leader, if you don’t do what is not correct, I will deal with you decisively.
“So, if you don’t want to be in soup, just go and do your work and do it well. Like I told you, I know this environment very well, I have been GOC. So, there is nothing you can tell me. Go and tell your colleagues that this is my massage in the next one month, there must be a remarkable difference here.”