Rep. Dennis Idahosa (APC-Edo), representing Ovia Federal Constituency, has advised the Federal Government on the need to harness other sources of revenue other than oil.
This is contained in a statement by his media aide, Mr Friday Aghedo, on Wednesday, November 24, 2021 in Benin City, Edo State.
Idahosa said the advice had become imperative ahead of the implementation of the resolutions of the 26th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow.
He expressed worry that Nigeria’s revenue would be dealt a serious blow if the country failed to look beyond oil and gas sector that accounted for more than 65 per cent of the country’s revenue.
The lawmaker noted that Nigeria had numerous potential sources of revenue and if attention was not placed on them early it would be of no benefit to it citizens and the nation at large.
He explained that part of the resolution of the Glasgow meeting, which held between Oct. 31, and Nov. 12, was to phase down fossil fuels “coal” to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels
“I am aware that President Muhammadu Buhari while delivering his speech at the COP26 leaders summit emphasised that for Nigeria, climate change is not happening today and pledged that Nigeria would cut its emissions to net-zero by 2060.
“This period, according to an expert, indicates that the viability of fossil fuels and hydrocarbon is speculated to last for another 20 years.
“This gives the nation time to utilise and redirect the sources gained from oil and gas towards the development of other sectors of the economy for the overall benefit of the nation.
“I am concerned that following the recent resolution by all major countries at the COP26 2021 summit, counties, such as Nigeria, which depend mainly on hydrocarbon and fossil fuels for revenue and survival, will be the worst hit except careful and intentional precautions are taken to secure the future of Nigeria,” he said.
He further said that it was in a bid to avert the looming danger that he sponsored a motion titled, “Need to Create An Economic Revenue Road Map For The Future of Nigeria” on the floor of the Green Chamber.
By Deborah Coker