By Our Correspondent
Former Speaker of the House of Representatives, Yakubu Dogara, has said if palm oil production is handle accordingly in the country, it could generate up to N16.2 trillion annually for the country in just five years from now.
Consequently, Dogara has called on the Federal Government to develop palm oil cultivation to boost the nation’s revenue earnings.
The former Speaker made the call during a meeting with the National Association of National Palm Producers Association of Nigeria (NPPAN) on Wednesday night in Abuja.
According to him, if people are assisted accordingly to revive large scale palm oil farming, this could uplift many Nigerians out of poverty.
He said research conducted has revealed that Nigerian government can empower 2,500,000 households by cultivating just one hectare of palm oil each in Bauchi State.
Giving details of how palm oil cultivation could be boosted within a short period of time, he said each hectare will have 150 trees that can generate an average of N5 million per annum. Multiplying these 150 trees by 2,500,000 farmers, he saaid the result will ammount to 375,000,000 trees.
”That can generate up to N16.2 trillion per annum in just five years from now,” the former Speaker highlighted.
Meanwhile, Yakubu Dogara also called for an investigation into the status and administration of the palm oil levyset up by the former president Olusegun Obasanjo.
He urged President Bola Ahmed Tinubu and the National Assembly to unravel the silence around the palm oil levy.
According to the former Speaker, Obasanjo’s administration (1999 -2007), earmarked the levy for the development of palm oil in Nigeria saying,” the fund is in the Central Bank of Nigeria (CBN).
Throughout my 16 years in the National Assembly, I didn’t have any reason to think about the oil palm levy. Although, I know that it was instituted by Obasanjo’s government in 2001. So, that money has been there, accumulating in the CBN, assuming we believe the CBN still has the money.
”I am happy that members of the National Assembly are here, it is their responsibility to open accounts and investigate if this money is there.”