₦airaland Forum

Why can’t a state like Ondo State my state in invest in new oil wells. Instead of waiting for the FG to open up new oil wells why not state with the help of International organisations like shell explore opening up new oil wells.

Even though oil is in the exclusive list, states can borrow international funds open up new oil wells and get back their investment plus a top up and the rest be given to the FG for onward distribution to the other states in d federation.

Because it is embarrassing that we have idle oil wells and cannot supply our refineries. Look what Dangote Refinery is going through.

I am sure it would be a win-win for every body. 🤔

Nigeria and it states should stop this oil this oil that and invest in other sectors, one of it is agrculture.

Do you think they care? That's just one question you should ask yourself, bro!

KnowAll:
Why can’t a state like Ondo State my state in invest in new oil wells. Instead of waiting for the FG to open up new oil wells why not state with the help of International organisations like shell explore opening up new oil wells.

Even though oil is in the exclusive list, states can borrow international funds open up new oil wells and get back their investment plus a top up and the rest be given to the FG for onward distribution to the other states in d federation.

Because it is embarrassing that we have idle oil wells and cannot supply our refineries. Look what Dangote Refinery is going through.

I am sure it would be a win-win for every body. 🤔

The oil in Ondo state belong to Nigeria, not Ondo state

Ikaeniyan0:
The oil in Ondo state belong to Nigeria, not Ondo state

If I invest 5.00 Naira on the productivity of something that is lying idle because the FG does not have d money. When it comes to fusion, I would take my 5.00 Naira back plus interest let us assume 2.00 Naira, all other revenues from my ventures would now be passed to the FG for distribution to the 36 states and Abuja.

The question is why are states not doing this kind of investment. Because it does not make sense for oil wells to be lying idle when states can invest in such assets.

KnowAll:
If I invest 5.00 Naira on the productivity of something that is lying idle because the FG does not have d money. When it comes to fusion, I would take my 5.00 Naira back plus interest let us assume 2.00 Naira, all other revenues from my ventures would now be passed to the FG for distribution to the 36 states and Abuja.

The question is why are states not doing this kind of investment. Because it does not make sense for oil wells to be lying idle when states can invest in such assets.

It's not the job of the state to search for and develop an oil well, only the FG has the responsibility to do so.

If the national assembly does mot remove oil and gas from the exclusive list, nothing the states can do about it

Oil exploration dey under exclusive list except maybe under a kind of special arrangement which i doubt if its ever possible in 9ja

KnowAll:
Why can’t a state like Ondo State my state in invest in new oil wells. Instead of waiting for the FG to open up new oil wells why not state with the help of International organisations like shell explore opening up new oil wells.

Even though oil is in the exclusive list, states can borrow international funds open up new oil wells and get back their investment plus a top up and the rest be given to the FG for onward distribution to the other states in d federation.

Because it is embarrassing that we have idle oil wells and cannot supply our refineries. Look what Dangote Refinery is going through.

I am sure it would be a win-win for every body. 🤔

It takes 500 million dollars to 30 billion to develop a well to production stage

mrvitalis:
It takes 500 million dollars to 30 billion to develop a well to production stage

Most states can afford that. El Rufai took a loan of $500 million dollars what did he do with it. If he invested in an oil well on behalf of Kaduna state now he would be getting the returns & the FG would also get some returns so would the 35 other states & Abuja.