Don’t build your govt on oil revenue – Ex-Provost Marshal tells Buhari
February 8, 2016
President Muhammadu Buhari
Former Provost Marshall in the Nigerian Army, General Idada Ikponmwen (rtd), has advised President Muhammadu Buhari not to rely oil revenue to diversify the economy and save the nation from the vulnerability of declining fortunes of oil revenue.
He said the prevailing daunting challenges of oil revenue requires global leaders to priorities their needs and consider other areas of economic opportunities in order to achieve results.
Idada, dropped the hint during an interactive session with journalists yesterday in Benin City, where he emphasised that the issue of mono-economy has been a core issue for a long time, while over dependence on oil has caused serious setback for the nation and its people.
“It is pertinent to say that the issue of a mono-economy, the issue of dependent only and mostly on oil resources has been a subject of discussion for many years. The danger on relying on oil and oil related resources alone have been pointed out as a very serious setback so much that people branded it.
“Oil doom rather than oil boom, made most Nigerians not to see any more need to sustain other means of getting resources for the nation. Things like timber, groundnut, cocoa all of which used to make a lot of money accruable to the nation’s fund, seem to have become unimaginary and a waste of time. Because oil money has come to be the quick way not only government but individuals make money.
“Against this, the change mantra of the present government must seriously address the need to diversify our means of national resources. We must go back to agriculture and look at all the former means of generating funds for government and government must be seen to pursue this with all determination and zeal”, he said.
February 8, 2016
President Muhammadu Buhari
Former Provost Marshall in the Nigerian Army, General Idada Ikponmwen (rtd), has advised President Muhammadu Buhari not to rely oil revenue to diversify the economy and save the nation from the vulnerability of declining fortunes of oil revenue.
He said the prevailing daunting challenges of oil revenue requires global leaders to priorities their needs and consider other areas of economic opportunities in order to achieve results.
Idada, dropped the hint during an interactive session with journalists yesterday in Benin City, where he emphasised that the issue of mono-economy has been a core issue for a long time, while over dependence on oil has caused serious setback for the nation and its people.
“It is pertinent to say that the issue of a mono-economy, the issue of dependent only and mostly on oil resources has been a subject of discussion for many years. The danger on relying on oil and oil related resources alone have been pointed out as a very serious setback so much that people branded it.
“Oil doom rather than oil boom, made most Nigerians not to see any more need to sustain other means of getting resources for the nation. Things like timber, groundnut, cocoa all of which used to make a lot of money accruable to the nation’s fund, seem to have become unimaginary and a waste of time. Because oil money has come to be the quick way not only government but individuals make money.
“Against this, the change mantra of the present government must seriously address the need to diversify our means of national resources. We must go back to agriculture and look at all the former means of generating funds for government and government must be seen to pursue this with all determination and zeal”, he said.
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