• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 7, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Soludo urges diversification from oil revenue-driven economy

Oil

The Matters Press by The Matters Press
June 26, 2022
Reading Time: 2 mins read
0
Kenya hits the globe for oil investment

Oil

Prof. Chukwuma Soludo, Governor of Anambra has warned that states may not no longer pay their basic bills if they don’t move away from FAAC based revenue to agriculture driven economy.

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Soludo, an erudite Economist who said this at a parley in Awka on the occasion of his 100 days in office.

He said the larger Nigerian economy was facing dwindling fortune due to non contribution of the petroleum revenue, noting that the development was having negative effect on revenue accruing to states.

“Since February this year, the share of oil in the revenue that comes to the Federal Government and States is zero, I saw the table, zero contribution from oil.

“What we share now is revenue from customs duties, VAT and company tax and most states cannot pay salary because there is no oil money,” he said.

Soludo said his administration was already embarking on an aggressive agriculture based economy.

He recalled that the old Eastern region experienced the highest economic prosperity when it was dependent on revenue from only palm oil.

The Economist said Anambra had decided that on a permanent empowerment programme, it would give people palm and or coconut seedlings which they could start harvesting and making money from in a maximum period of five years.

“This is why we say we are going back to where Late M.I. Okpara stopped, he built Eastern Nigeria with money from palm oil.

“Cities of Onitsha with the main market, Enugu, University of Nigeria, Nsukka, Port Harcourt, Calabar, Aba, and the rest were built with palm, they were well planned with pipe borne water and electricity.

“But all these were abandoned with the discovery of crude oil and revenue from it, but there is enormous room to maximise our potential in Palm production.

“Malaysia came to Eastern Nigeria to collect samples of palm but today, their export of palm is far more than Nigeria is exporting in crude oil and today, we go to Malaysia to get improved seedlings that mature between 4-5 years.

“A household that gets about 30 or 40 seedlings is out of poverty permanently, so the government wants to plant about one million seedlings every year for the next 10 years and if we achieve that, it will give us more revenue than FAAC and IGR,” he said.

Soludo said the state would not borrow for consumption but would continue to take salary as given noting that Local government and State civil servant retirees were owed N14 billion and N7.6 billion in gratuity.

According to him, we will also ensure that pensioners who retired since 2018 are paid their gratuities.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
What Central Bank did to First Bank, experts excited as new directors emerge

First Bank launches single-digit loans for female entrepreneurs

DMO releases bonds issuance calendar

Ordinary Nigerians deserve to be part of financial system

Recommended Stories

CBN reports drastic decrease in rice import

CBN reports drastic decrease in rice import

November 7, 2018
e-IPO hits stock market in March

Unclaimed dividends hit N180bn

June 29, 2022
Value of China’s export to US dips

Yuan strengthens to 7. 1795 against dollar

October 18, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us