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Agbakoba Seeks Oil Sector Reform, Warns of Looming Food Riots

A Senior Advocate of Nigeria, Olisa Agbakoba, has asked President Bola Tinubu to dismantle the entire oil and gas system to allow for greater efficiency.

Agbakoba, who spoke at a media chat with journalists on Tuesday, also warned the Federal Government to act quickly to avoid a food riot because of the level of poverty in the country.

He noted the enormous oil and gas resources and the huge revenue generated in the sector.

The senior advocate identified some of the challenges in the sector to include exclusion of Nigerian participation in key value chains of exploration, shipping, drilling and legal services to weak enforcement of local content laws, tax avoidance by oil rig companies and even hijack by foreigners.

He called on the President to dismantle his large cabinet and appoint a substantive petroleum minister who will drive policies and implement stricter monitoring, transparent and regular audits of the sector to increase revenue and create at least 500,000 to 1 million new jobs in the sector and related industries over the next decade.

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