NIGERIA @59 — Explore Non Oil Revenue Sources, ELFON Charges FG

One Foremost progressive organisations in Nigeria known as Emerging Leaders Forum of Nigeria (ELFON) has called on the Federal Government to broaden the Nations revenue base by exploring non oil revenues sources in other to maintain a strong and viable economy. 

In a statement issued to VAM press in commemoration of the country’s 59th anniversary, the national chairman of ELFON; Hon. Godstime Chukwubuikem Samuel explained that at present, crude oil exports accounts for about 90 percent of foreign exchange earnings and 80 percent of government revenue, thus making the country’s economy heavily reliant on the petroleum sector. 

“This dominant role has relegated the possible potentials of other sources of governments income ranging from Agriculture, Mining, Manufacturing, Construction, Technical Support Services, Education, Trade, Arts, Sports, Entertainment, Social Services Etc” .

Hon. Godstime adviced relevant Fiscal authorities to optimize available ones and increase attention to other potential areas.

ELFON chairman lamented that the volatile nature of oil revenue has resulted to the inability of the government to solve most basic problems like Servicing of Nigeria’s rising debt profile, employment generation, provision of basic necessity and protection of lives and property. He therefore stressed the need as a national necessity to look into alternative means of financing the economy by reconsidering non-oil sector that has been neglected in the past due to oil exploration. 

“While we celebrate our unity and bond as a nation, it is pertinent that we take into paramount cognizance of the potentials of the non oil revenue sources to promote economic growth and development”.

The ELFON chair and Nigeria's youth Ambassador Charged the government to devote much effort to revenue generation from the non-oil sector, as this will guarantee sustainability of governments revenue flow. He stressed  that the non-oil sectors have the potentials of providing employment opportunities for the teeming population and thereby contributing to the growth of the economy.

He therefore advices policy makers, fiscal authorities and government agencies to expand the national revenue base by diversifying its sources to boost the economy and for Nigeria to be a significant player in the global economy, while wishing Nigerians a happy Independence Day celebration.

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