Former Speaker of the House of Representatives, Yakubu Dogara, has said that Nigeria is capable of generating N16.2trillion from
palm oil production annually.
He said each hectare has 150 trees that on the average can generate N5,000,000 per annum and if multiplied by 2,500,000 will amount to 375,000,000 trees that could generate up to N16.2 trillion per annum in just five years from now. “Throughout my 16 years in the National Assembly, I didn’t have any reason to think about the oil palm levy, though I know that it was instituted by Obasanjo’s government in 2001. So that money has been there, accumulating in the CBN, assuming, we are believing that CBN still has the money.
“Let him escalate the matter to a point whereby almost on a monthly basis, there will be briefings as to progress made in this direction.”
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