The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has said he is willing to let Nigeria’s oil producing states have absolute control of crude oil revenues from their domains, but added he is reluctant to immediately implement such policies at this stage of national development.

The PDP candidate told The Africa Report that federating units once had considerable control of their resources, unlike the current federal laws that only allow 13 percent derivation for states in the Niger-Delta, where Nigeria’s sweet crude is extracted.

Although Mr Abubakar acknowledged the appropriate sharing formula might be difficult to say at this point — suggesting it would depend on ‘negotiations’— he recommended a limited role for the federal government in appropriating crude revenues.

Nigerian states “can get more because in the First Republic the regions had 50/50,” Mr Abubakar told The Africa Report in an interview published Wednesday. “I don’t mind giving even 100% […], but I would tax those states to maintain the federal government.” But the former vice president recognised this is “not advisable at this stage of our development.”

Source: Premium Times