Onyewuchi Condemns The $500 Million Capital Spent On Importation Of Oil Annually

Francis Ezenwa Onyewuchi, the Senator representing Imo East Senatorial District, has condemned the Federal government’s capital flight to the tune of $500 million on the importation of oil annually.

The lawmaker stated that the country’s neglect in developing industries has caused it huge resources.

He further stated the industries are capable of generating sustainable revenue but can provide employment opportunities.

Senator Onyewuchi stated that it is condemnable for a country that was the largest net exporter of Palm oil in the 50s and 60s to continue the exportation of oil palm to its disadvantage in the international market.

The lawmaker while speaking with newsmen on a motion tagged “Urgent need to revive the Palm Oil Industry”, which he sponsored on Tuesday in Abuja, he was optimistic that the oil palm industry would replace crude oil once the government wakes up to the challenge.

“In the 50s and 60s, Nigeria was the largest net exporter of oil palm, but the narrative has changed due to neglect of the sector by the government.”

“The country spends about $500 million on the importation of oil palm annually for 400,000 to 600,000 metric tons in order to meet local demands.”

“Today, researchers on oil palm are no more, instead of using the opportunity of technology to increase researches for maximum yield.”

“There was a Police report that links poverty with crime and if the government in an effort to diversify mop up youth in the agricultural sector, it will lessen criminality in Nigeria.”

He added that the Senate would pursue oil palm development using the legislative tools to ensure the policy was implemented by the government of the day.