Restructuring: Time running out on oil —Ekweremadu

DEPUTY President of the Senate, Senator Ike Ekweremadu, on Saturday, warned that restructuring Nigeria has become imperative because time was running out on oil.

Ekweremadu, in a statement by his Special Adviser, Media, Uche Anichukwu, said that  the continued resistance to restructuring  for the fear of the unknown was uncalled for, adding that Nigeria must survive even in the absence of oil money.

He described the resistance to restructuring as ironical as, according to him, oil was fast losing its value in global economy.

The statement quoted Ekweremadu as making the submission in a lecture he delivered at the University of Nigeria, Nsukka.

He said that many nations were already phasing out petrol and diesel-powered cars.

In a lecture entitled “Restructuring and the Nigerian Youth,” the Deputy Senate President said: “There is a gross misunderstanding of restructuring. There is the problem of political and ethno-sectional interests and sentiments. There is the fear of abuse of a decentralised police system. There is the fear of losing perceived advantages.

“Above all, there is the fear of survival under fiscal federalism. Some feel they are better off with free money from Abuja, which could actually be pittances compared to what they could generate if they begin to access the bountiful wealth, such as solid minerals buried in their soils.

“Ironically, oil is fast going out of fashion. Many countries have found oil in large quantities, including those that used to patronise our oil.

“Importantly, it should worry us that many countries are already phasing out petrol and diesel engines. In July 2017, the United Kingdom announced plans to stop the production of petrol and gas-powered cars from 2040.”

Ekweremadu urged the youth not to allow themselves to be divided on the subject of restructuring, but instead deploy their energies and social media skills to fight for their future by promoting a restructuring of the country, which he said would promote good governance, employment opportunities, among others.

He stated further: “The youth should have a patriotic mind of their own to fix a broken federal system.”