Dr. Olisa Agbakoba SAN

Optimum production and sale of Nigeria’s crude oil is the most viable solution to the current economic challenges facing the country, according to the former president of the Nigerian Bar Association NBA, Dr. Olisa Agbakoba SAN.

Agbakoba, who is the Senior Partner, Olisa Agbakoba Legal, noted that themajor problem confronting President Bola Tinubu is very simple and could be easily resolved.

In a statement he personally signed, the legal Icon said: “President Tinubu doesn’t have enough money in the treasury to meet the huge national needs of 200m Nigerians. So there is a simple solution. I urge President Tinubu to look at how President Obasanjo resolved his money headaches.

“First, President Obasanjo tackled corruption and plugged waste. Nuhu Ribadu saw to that, as the fear of Nuhu was the beginning of wisdom. Second and most important was that President Obasanjo understood what is called public sector borrowing requirements and how much was needed to sustain the national system.

“Most important was President Obasanjo’s clear vision of how to raise revenue. This was from optimal production of crude oil. The revenue from crude oil was fully maximised. Crude oil daily production was at maximum capacity. Funds from sale of crude propped the naira value to the dollar. The government was able to get things done without borrowing but using crude oil revenue.

“President Tinubu must reverse the trend by maximising crude oil outputs, removing the international oil companies (IOCs) from control of Nigeria’s hydrocarbons revenue, paying down debts and hedging the naira against the dollar with crude oil dollars.

“So quite simply, President Tinubu should maximise crude oil production to at least 2.4 million barrels per day, pay down debts, apply funds to meet national needs. If this simple fiscal process is sustained, Nigeria will be out of this desperate situation within six months. In the final analysis, optimal crude oil production is our way out.”