Calls for downward review of Oil Derivation Fund destructive to polity – Sen Okon

Must read

NYCN Lauds Yahaya Bello At 46

National Youth Council of Nigeria (NYC) has described Kogi State Governor, Alhaji Yahaya Bello as a beacon of hope for women and...

FG Names Mikel Obi Youth ambassador

Former Super Eagles captain, John Mikel Obi, has been appointed as Youth Ambassador by the Federal Government to inspire young Nigerians towards...

Buhari To Attend ECOWAS Mid-Year Summit In Accra

President Muhammadu Buhari will participate in the 59th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Accra,...

#EndSARS: Kaduna Panel Ends Public Hearing With 69 Petitions

The Judicial Panel of Inquiry set up by the Kaduna State Government to investigate police brutality and other related extra-judicial killings in...

Pioneer National Publicity Secretary of the People’s Democratic Party, PDP, Senator Anietie Okon has described the demand of a downward review of allocations to oil producing States from 13 percent to 8percent as destructive and shameful.

Okon stated this in a statement in Uyo, while reacting to the the demand by the Kano State Government during the Public Hearing organised by House of Representatives Committee on Review of the 1999 constitution.

He said the proper thing to do should be the adoption of a true Federal system which would address the absence of true fiscal federalism and the relegation to pseudo federalism where States and local governments are financially dependent on Federal allocations.

READ  A'Ibom PDP holds peaceful LG Congresses amidst minor disagreements

He stressed that the dialogue should ensure creation of equal opportunities for States to explore and exploit resources in their territories with retention of at least 50 percent from the proceeds of the revenue from such economic ventures.

“The decision by the National Assembly to consider the desperate efforts and heinous demands of some Northern elements for a downward review of allocations to oil producing States from 13 percent to 8percent, is shameful and not acceptable in the practice of democracy nor a panacea for the myriad of issues plaguing Nigerians and Nigeria as a whole.

” Reductions in allocation to concerned States will kill the economy and sustainable existence of oil producing States, as well as development and capacity building initiatives in the Niger Delta, amidst the specter of environmental degradation and devastation poverty, impunity and under-investment an explication of the “paradox of plenty”.

READ  PDP Reps Solicit For Buhari's Impeachment Over purported Incompetence

“This demand is not progressive nor complementary to positive results, but destructive, odious, and punitive. This agenda undermines the existence of Federalism in Nigeria and puts Nigeria under the halo of a failed State as institutions and conventions are opposed and subverted in the regulation of various levels of interaction.

“This parasitic existence feeds inequality which fuels the sentiments of secession amongst federating units (States) as the Federal government continues to illicitly usurp and empower itself from the resources of States creating an absence of distributive justice and democratic dividends.” He explained.

Okon attributed the recurrence of the argument on revenue allocation in the country to greed and lack of circumspection exhibited by certain elements with the desire to control and dictate every aspect of existence in the country.

READ  Social Media Bill, threat to journalism, democracy — Kadaria

He warned that if States were not allowed the use of available resources which abound in their territories to explore, develop and invest in revenue generating operations to diversify their economy and reduce dependence on oil , it would lead to adverse consequences for the country.

“The nefariousness of this objection is a threat to the sovereign wealth of Nigeria and a clear indication of failure on the path of the Federal government and the States who have their claws stretching for the assets of the Niger Delta as regards the effective and efficient management of resources.

“This has resulted in a continuous flounder and free fall of the economy evident in the diminishing and debilitated value of our currency, hyper-inflation, the exodus of Foreign Portfolio Investments (FPI) and Foreign Direct Investment (FDI), thus rendering the break-even analysis negative for economic ventures in Nigeria.”Okon stated

READ  Another Governor will leave PDP for APC - Wike

Copyright DAYBREAK.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from DAYBREAK NEWS.

More articles

Latest article

NYCN Lauds Yahaya Bello At 46

National Youth Council of Nigeria (NYC) has described Kogi State Governor, Alhaji Yahaya Bello as a beacon of hope for women and...

FG Names Mikel Obi Youth ambassador

Former Super Eagles captain, John Mikel Obi, has been appointed as Youth Ambassador by the Federal Government to inspire young Nigerians towards...

Buhari To Attend ECOWAS Mid-Year Summit In Accra

President Muhammadu Buhari will participate in the 59th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Accra,...

#EndSARS: Kaduna Panel Ends Public Hearing With 69 Petitions

The Judicial Panel of Inquiry set up by the Kaduna State Government to investigate police brutality and other related extra-judicial killings in...

JUST IN: Medical Doctor Shot Dead In Niger

A medical doctor has been shot dead in Salka village, Magama Local Government Area of Niger State. It was...