Federal Government has been urged to be prudent in the use of available resources and create additional means of generating revenue for Nigeria to survive the global financial crisis. “We are dependent on forces that are not within our control, if the oil price can fall from $147 per barrel to less than $45, if care is not taken, Nigeria can actually collapse economically under six months”. Governor of Akwa Ibiom State, Godswill Akpabio stated this while speaking with airport correspondents at the presidential wing of the Murtala Muhammed Airport, Ikeja.
According to him, “the falling crude oil price is a worrisome development. I think the falling oil price will affect everybody, every state and will even affect the Federal Government. So, we are watching this and praying it will not go far below $40 per barrel as it is going now but that shows the volatility of Nigeria’s economy”. He said that the nation may have to go back to the basis, that is agriculture, “we must encourage our people to go into development as the major source of revenue generation and also on the agriculture sector, which will have a two broad approach. One, to generate employment opportunity and another thing it will also divert attention from the dependence on oil”.
For his state, the governor said he would tag next year’s budget as a budget of consolidation, emphasising that the state would not embark on new projects until the economic situation is studied.
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