Deputy Senate President Ike Ekweremadu has said the ‘desperate search’ for oil in the Lake Chad, Sokoto and River Benue basins was prompted by the fear of restructuring. Ekweremadu said this while presenting the third edition of the Adada Lecture Series, organised by the Association of Nsukka Professors, at the University of Nigeria, Nsukka.
His paper was titled ‘Restructuring and the Nigerian youth.’ According to him, oil revenue will soon lose its relevance as electric cars take over from petrol- and diesel-powered vehicles.
Ekweremadu said, contrary to fears held by some sections of the country that they would lose out if the country was restructured, the entire nation would benefit from restructuring.
He said, “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
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