Following the Central Bank of Nigeria governor’s statement on reducing the federal account allocation revenue shared among the three tiers of government, a business analyst in the Rivers state says it will be effective if a national law is enacted to support it.
The South-South Bureau chief of Business Day and business analyst, Ignatius chukwu stated this while fielding questions from our reporter Tina Stephen.
According to him, the need to save some revenue against the future oil price shock is very essential, stressing that the issue should be resolved at the national council meeting.
“the World Bank said yesterday that oil will crash again, IMF is worrying that oil may crash again. There is suppose to be a national law saying anytime oil price is more than a certain amount, that the surplus must be saved. It should be an act, if there is no law by the national assembly empowering the CBN to withhold some percentage in an account, it will be difficult for the state to accept it. There is need to save some money.
“This is not the first time Nigeria is having crisis over oil revenue. It has happened in the 80’s. The thing is that when the oil revenue goes down, we cry, suffer and shout that they would have diversify the economy, the moment the repression goes away we go back to how we were.
“Every community wants road, light, but we don’t get to ask the politicians what is their manifesto, what will be their contributions on improving or generating income for the nation, because we are so concerned about their promises of good road, light that we intend to forget the vital questions”
He also advised Nigerians to cut down on the level of importation and boost local production, adding that it will help the nation prevent further recession shock.
