Tony Elumelu, chairman, United Bank for Africa Plc (UBA), has lamented the state of the country’s economic and security state.

In a series of tweets on Thursday, the billionaire bemoaned the myriad of problems in the country and their effects on citizens.

“This morning, I am listening to my colleagues at the office bemoan the very pressing issues that they face everyday in this country, and how things have been getting worse and worse – no electricity for 5 days, hikes in the price of diesel, frightening food inflation, etc,” he said.

“How can a country so rich in natural resources have 90% of its citizens living in hardship and poverty? I have often said that access to electricity is critical for our development, alleviation of poverty and hardship. And speaking of security, our people are afraid!

Among other problems, he stated that oil theft is the cause of the country’s inability to meet the Organization of the Petroleum Exporting Countries (OPEC)’s production quota of 1.78 million barrels per day.

“How can we be losing over 95% of oil production to thieves? Look at the Bonny Terminal that should be receiving over 200k barrels of crude oil daily. Instead, it receives less than 3,000 barrels, leading the operator, Shell, to declare force majeure,” he wrote.

“Why are we paying taxes if our security agencies can’t stop this? It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!

“Meanwhile, oil producing countries are smiling as their foreign reserves rising. What is Nigeria’s problem? We need to hold our leaders more accountable! Elections are coming – security and resources need to be everyone’s agenda – let’s be vocal for our nation’s priority.”

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He called on Nigerians to demand better and hold the government accountable in the forthcoming 2023 elections, saying, “Evil prevails when good people are silent. We need to be vocal about 2023. Let’s focus on Nigeria. Demand and advocate for leaders that deliver. In 2023, Nigeria must be on a strong trajectory for progress and development.”

In the last one month, Nigerians have suffered fuel shortage, inflation, insecurity, and recently, the collapse of the national power grid.