It’s time to exploit our abundant resources

Nigeria’s overdependence on crude oil as the major source of revenue is what always cripples its economic activities. We fail to revive our untapped resources that would help us in generating revenue.

If we can depend on crude oil as the major source of revenue by the government of the federation, then, things would never be stable because the aggrandisement of petroleum is due to over reliance and overdependence on it. And if this is to be totally tackled or reduced to a moderate level, other untapped resources should be explored.

The Federal Government fails to boost agricultural practice by providing farm tools, fertilisers at off charges to local farmers. How can you recommend farmers to invest in farming without providing necessary aid to both subsistent and commercial farmers in order to undertake their farming practices? The time for the nation to diversify its economy by tapping different resources scattered across 36 States and the Federal Capital Territory (FCT) is now as the crude oil revenue which accounts for its major cash cow has depreciated in the global market.

State governments have been over dependent on the Federal Government for allocations to handle all projects without looking inwards for abundant natural resources to be tapped in their respective states. Many states cannot afford N18, 000 minimum wage bill approved for workers, not to talk of the recent implemented bill of N30, 000 minimum wage despite the over 56 untapped natural resources available in different states capable of inviting foreign investors to the country.

But luckily enough, Nigeria has both the oil and the abundant natural resources. Sadly enough, it is always on recession and economic setback because it fails to exploit them. Federal, states and local governments are losing about N50 trillion annually from untapped resources that abound in the nation’s soil. Nigeria is estimated to be losing about N8 trillion annually from untapped gold. The estimates are monies that should have accrued to the federation account from royalties, taxes, charges and other fees from companies and individuals operating in the solid mineral sector if the Federal Government had paid enough attention to the development of solid minerals in the country.

Mallam Musbahu Magayaki

Bauchi State.

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