Edo state Governor, Godwin Obaseki in few minutes ago said Nigeria was a non crude oil dependant before the civil war and governments were run based on taxation derived from the region and production.
According to statement issued by the Governor, he asked Nigeria authorities to quickly diversified the nation’s economy to increase non oil revenue.
Governor Obaseki said he stated this while fielding questions from a journalist.
Governor Obaseki has been in the news since he revealed that the federal government now print money in addition to revenue allocation for the three tiers of government to share.
Although, the Federal Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed denied Obaseki claim but the Central Bank of Nigeria Governor, Godwin Emefiele affirmed that the apex bank printed money but the money was printed and given to support governments as loans.
Governor Obaseki reiterated that Nigeria now rely solely on crude oil revenue which he said is now unsustainable.
He said in quote: While speaking to journalist, I called for the quick diversification of the nation’s economy to increase non-oil revenue.
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.