Minister of Finance, Mrs. Kemi Adeosu, has said that over dependence on oil was a farce Nigeria must put behind in charting a new course in the drive for a formidable revenue generation regime with the non-oil sector taking the lead in the struggle.
Speaking at a two-day National Revenue Retreat in Kano yesterday, Adeosu said basking in the euphoria of oil affluence to source for revenue to run an effective government and fund capital projects was a great illusion, adding that exploiting non oil sector to source revenue should be the vogue at the present time.
According to her, the days for government revenue generation agencies to see themselves as autonomous bodies would no longer be sustained and encourage by the federal government stressing that every naira must be remitted into the consolidated revenue fund.
She said: “Nigeria needs to see itself not as an oil economy, but a great economy with oil. And there is a clear difference. Nigeria generates 2.2 million barrels per day but we have 160 million people.
“Saudi Arabia generates 10 million barrels per day, but is having a population of eight million people; so you can clearly see the difference.”
“We do not want the boom and bust circles that over dependence on oil has given us. We are making serious effort to exploit the non oil sector for our promising economy to move forward and it is the crux of the struggle,” she added.
In his remarks, Kano state Governor, Dr. Abdullahi Umar Ganduje, said it was his administration cardinal objective to ensure that the affluent pay their dues to the government for the common man to taste the goodies of good governance, adding that his administration was generating N2 billion on monthly basis.