New Telegraph

February 29, 2024

Don’t Depend On Crude Oil, Okonjo-Iweala Warns Incoming Govs

Dr Ngozi Okonja-Iweala, the Director-General of the World Trade Organisation (WTO) has advised the incoming Governors-elect not to depend on crude oil as a source of revenue in their territory.

Speaking during the induction of the returning and newly elected governors, Okonjo-Iwela in Abuja warned that states with over-dependence on the monthly Federation Account Allocation Committee (FAAC) would be badly hit.

The former Minister of Finance advised is coming barely two weeks before May 29 inauguration.

She noted, “We need to start preparing now for a time when our oil and gas will no longer serve us as the main sources of revenue. States with a heavy dependence on FAAC allocation will be particularly hit.

She also said “It is important that you governors start now to diversify your revenue sources. We ought to be seeking to double our growth rate and sustain that higher growth until we attain upper middle-income status.

“Honourable governors, let us be candid: trust in Nigeria has always been fragile but following the elections, a lot of trust has been broken.

“Through your words, deeds, and policies, you need to demonstrate to Nigerians that they are equally loved. That they can settle and do business in any part of the country without fear. I love Nigeria deeply and I want to feel welcome in any part of this country” she added.

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