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Re: Oil Resources Revenue: Why Nigeria Must Be Restructured Now- By Nafata Bamaguje

“if all the states flush the Igbo business men and women out, most of these states will lose between 30 to 70% of their internally generated revenue” – Elombah.com

Rubbish!! Utter rubbish!! So Igbos are indispensable, and no one else can do the businesses that they do. 

I wonder how most countries that don’t have Igbo spare parts dealers are coping.

What I get from the FAAC data on IGR is the same one I made in an earlier article – Diversifcation before fiscal federalism. That the current agitation for fiscal federalism is utter rubbish, as only Lagos can sustain itself without oil revenues, which mostly comes from our off-shore oil fields that is federal terrirtory.

In essence the demand for fiscal federalism is largely driven by greed and selfishness of southern jingoists who want to freeload exclusively for themselves on our off-shore oil wealth in our Federally owned Atlantic waters, which generates over 80% of our oil revenue. 

It is not driven by any genuine desire to harness the productivity of our people for enduring prosperity. Nothing in our present arrangement prevents any state from investing in other productive sectors agriculture, manufacturing etc. And you know what, they already keep most tax revenues from these non-oil sectors. No one can confiscate farmers’ earnings or an industrialists’ profit for sharing in Abuja.

The fiscal federalism of Southern jingoists begins and ends with gorging on awoof oil money, which they do not work for. Yet they have the temerity to insult others as lazy parasites. Apparently gorging on free oil that is not even on their land constitutes hard work.

With this kind of magical thinking for free oil money, secession won’t do Biafrans, or Niger Deltans and Ooduans any long term good. The idiocy of their illogic is abundantly evident in the trillions of naira wasted in the Niger Delta over the last 2 decades (derivation, NDDC, Niger Delta ministry) with little to show for it in terms of meaningful development. Rather than reconsider the failed policy that is clearly not working, they double down on it blowing up pipelines and other oil installations demanding for more.

Japan, South Korea, Taiwan and Singapore have virtually no mineral resources of their own, yet are richer and more prosperous than most of the oil-rich Gulf Arab nations.  

Even industrialized nations like U.S. Canada and Australia that are rich in mineral resources, derive most of their wealth from the non-oil/mining sectors.

In other words they derive most of their revenues from harnessing the productivity of their people.

That’s where we should be heading as a country rather than this undue obsession with free oil money that has crippled our economic development. Everyone is now looking for oil. Oil in the North, oil in Kogi, oil in Sokoto etc.

The resource control crowd don’t seem to have noticed that oil prices have crashed disastrously, and will not return any time soon to the $80-$100/barrel levels, that sustained our previous levels of irresponsible import based consumption, without having to do any hard work or serious thinking.

That is a kind of a throwback to neo-colonial economics where we simply produced primary commodities for export to the developed world.

Actually our present predicament is worse than that, because during the colonial period we had a thriving and robust agricultural sector. In the First republic even had the beginnings of an industrialized economy.

If we want to make it as a nation we need stop this nonsensical obsession with awoof oil money, and plow our meager oil revenues into diversifying our economy away from oil. 

We cannot do that effectively by wasting our meager resources pandering to the misguided sense of entitlement of certain parts of the country.

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