Home News Nigeria must reduce over-dependence on oil – Akeredolu

Nigeria must reduce over-dependence on oil – Akeredolu

by OtownGist

The Ondo State Governor, Mr Rotimi Akeredolu, on Wednesday, said there was a need to develop strategies that would enhance the Internally Generated Revenue of the country following the current decline of revenues from the oil sector of the economy.

According to the governor, the way out of the present economic challenges is to look inward and generate revenue aside from the one coming from the oil sector.


Akeredolu stated this in his keynotes address at the ninth Chartered Institute of Taxation of Nigeria Zonal Conference, held in Akure, the state capital.

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Represented by his deputy, Mr Lucky Aiyedatiwa, the governor said, “Every attempt for sources of revenue by the country is a step in the right direction.

He said, “This will break the syndrome of over-dependence on petro-naira that has subjected our fortune as a country to the vagaries of oil prices in the oil markets.

“We must therefore find ways to reduce our over-dependence on revenue from the oil sector. It is a well-known fact that Nigeria is favoured and bountifully blessed with good people who are willing to perform their obligation if necessary machinery is put in place.”

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The governor also noted that his administration had done a lot to reposition and strengthen the relevant agencies of government responsible for IGR, especially the state internal revenue service for better performance.

In his remarks, the zonal chairman of the CITN, Alhaji Adeola Agbogunleri, said the conference’s theme was carefully chosen by the organiser to stimulate discussion and draw attention towards repositioning the country.

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