Deputy Senate President, Ike Ekweremadu has revealed that the fear of restructuring led to the “desperate search” for oil in the North.
Ekweremadu stated this while presenting a lecture titled “Restructuring and the Nigerian youth” at the third edition of the Adada Lecture series, organized by the Association of Nsukka professors at the University of Nigeria, Nsukka.
The lawmaker in his lecture pointed out the fears of a sections of the country adding that the glory days of oil is numbered.
“Some are afraid of survival under fiscal federalism. They feel they are better off with free monies from Abuja which could actually be a pittance compared to what they could generate if they begin to access the bountiful wealth buried in their soils.
“I have also noticed a desperate search for oil in the Lake chad, sokoto and Benue River basins in recent times, obviously spurred by the campaign for restructuring.”
But it is an unfounded fear. The days of oil are numbered. It is the least strategic wealth we have now…. Importantly many nations are already phasing out petrol and diesel engines”.
According to reports available to BigPen Online, the No. 2 man in the senate listed out the countries with plans for the elimination of fossil fuel such as the United Kingdom which have made plans to ban the sale of petrol and diesel cars from 2040 , Netherlands which is targeting an emission free environment by 2030 and Norway which has strong policy to ensure that zero fossil fuel cars are sold in the country by 2025.