Experts advise FG on investment of excess crude income

TWO university teachers, Prof. Ignatius Onimawo and Dr Lukman Oyelami, on Wednesday, advised the Federal Government to invest the excess crude income on infrastructure, education and security.

The dons gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Lagos.

They urged the government to channel the excess crude revenue to the sector to enable the masses to feel the impact of the recently recorded economic growth in the country.

According to Onimawo of the Department of Economics, University of Benin, economic growth is a systemic phenomenon that is achievable on a gradual transcendence base, which must have positive impacts on the citizens.

“To properly articulate and anticipate economic growth, the government must evolve and genuinely implement policies and programmes that will have the direct impact on the citizens.

“Such policies and programmes should include the creation of an enabling environment for entrepreneurship to strive, by providing adequate electricity, security, support services, ease of access to bank loans and facilities,” he said.

The professor called for the introduction of price control mechanism to “reduce the escalated prices of commodities in the Nigerian markets that are now above the reach of the common man.”

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He also called for the injection of about 25 per cent of the national budget into the educational sector, both formal and technical.

On his part, Oyelami, Department of Economics, University of Lagos, described the Nigerian economy as highly volatile.

He noted that the economic growth of the country largely depended on oil price at the international market.

He, however, noted that an eight per cent growth may be achievable under such volatile economic situation.

The lecturer noted that to consolidate such growth, diversification into non-oil sector was necessary.

He advocated government’s deliberate policy actions aimed at income redistribution, to bridge the gap between the rich and the poor.