Indications has emerged in the past couple
of days that the speculation of the decision of President Muhammed Buhari to
appoint himself as Minister of Petroleum resources, with a junior minister
taking charge of the day-to-day affairs in the sector is real. the President
has vowed that corruption in the oil sector would forthwith be given the
priority it truly deserve, as he seeks to cut endemic graft and put the
county’s crippled, crude-dependent economy on a sound footing.
many have hailed the decision of Mr President to fully take charge of the
minister of petroleum in view of the wide spread corruption which has engulfed
the oil sector and the fact that our’s is still an oil dependent economy for
now. hence, the need to block all loop-holes of corruption to ensure more money
for government at various level to execute capital projects that would add
value to the well being of Nigerians. the fact that president Buhari has singled
out the petroleum minister to get the lion-share of his attention runs totally
contrary to the campaign promise of the APC led federal government.
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The APC and its
presidential campaign team promised to diversify the Nigerian economic away
from a mono- economy of oil dependency by tapping the vast opportunities in
mines and agriculture to turn the economic fortunes of the country for the
better. the present exigency of dwindling oil prices has made it imperative for any serious minded
people and government to seek for new opportunities for revamping the economy.
diversifying the economy into various none-oil sectors like mines and steel,
agriculture, manufacturing tourism and hospitality is surely the way to go.
instead of focusing most of his energy on the oil sector, the same mistakes
made by previous administrations whose economic policies instead of being
diversified, became more straight- jacketed and narrowed into the smallest ducts
and vents of the oil industry. president Buhari should be to focus more on the
sectors that will create the most jobs and make Nigeria a more manufacturing
nation rather than a consumer one.
federal governments over the years mismanaged the revenue accrued from oil and
failed to use them as a spring board to develop other sectors of the economy
for enhanced revenues. due to the pathetic level of unemployment and poverty
across the country, at the moment, the only way to put the nation’s economy on
a sound footing of economic progression is for Mr President to stick to his
campaign promises of fully and totally diversifying the Nigerian economy
through mines and steel, and agriculture. its no longer news that the country’s
over dependence on oil as our chief revenue earner is what has brought us this backward and retarded, therefore,
wasting much of the president's energy
on a sector that has brought us to our present economic predicament
would only be tantamount to repeating the same mistake made by the past
Mines and steel, and agriculture alone
has the capacity of employing over 40million Nigerians, while tourism and
hospitality, and manufacturing would employ about 25million more and give this
country a revenue that would be more than what oil can ever give to the
economy. president Buhari should rather appoint himself as minister of mines,
steel, agriculture and manufacturing instead of petroleum.
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