Thursday, December 9, 2021

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Obaseki warns FG, states over ‘unsustainable’ reliance on oil income

Governor Godwin Obaseki of Edo State has urged Federal and State Governments to explore non-oil revenue streams, stating that reliance on crude oil income is unsustainable for the country’s economy.

In a chat with journalists on Monday, the governor called for the quick diversification of the nation’s economy to increase non-oil revenue, Punch writes.

“Before the Civil War, we had no crude oil: The regions relied on the resources that they had and the government was run based on taxation, which was derived from the regions and production, particularly agricultural production in the regions.

“In the last 40 years or so, crude oil came and replaced those economic activities and earnings. So, we now run a federation relying almost exclusively on crude oil.

“Solely relying on crude oil income is unsustainable; the time for diversification is now,” he said in a string of tweets.

Gov Obaseki recently came under fire for saying that the Federal Government printed N60bn to share as part of federal allocation in March.

But the Central Bank of Nigeria and the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, faulted the governor’s claim on the matter.

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