President of the Senate, Godswill Akpabio, has said Nigeria was not utilising the wealth accrued from the oil and gas sector to develop other sectors of the economy, neither was the wealth being used to improve the living conditions of citizens.
Akpabio who spoke at the capacity building workshop for the various hydrocarbon-related committees of the Nigeria National Assembly, organised by the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) on Monday in Abuja, regretted that the nation’s oil seemed to be a curse rather than a blessing.
Represented by Senate Committee Chairman Petroleum Upstream, Etang Williams, he was optimistic the engagement between the National Assembly and key oil and gas industry players would help Nigeria to remove her God-given blessings via natural resources out of the path of shame, to a path that would bring progress and development to the citizens.
He said:
Quote
“The oil has not been as much a blessing as it ought to be. Some think it has become a curse because the proceeds from the oil are not utilised to support the agricultural and manufacturing sectors.
“This sector has been neglected; we do not have the groundnut pyramids in the north anymore, we do not have the cocoa house in the West anymore, we do not have the palm plantation in the East anymore.
“We now have a resource cost or paradox of plenty. A resource cost is a situation in which nations fail to use their wealth to improve the living conditions of their people and foster their economy. The wealth leads to corruption and poverty rather than economic development.
“These countries in the end slide down lower growth and development; that has been the story of Nigeria. It was one of the reasons the Bola Tinubu’s administration had to do away with the petroleum subsidy which has destroyed our economy by instalments.
“We need bold action to address the big problem is a story we in the National Assembly want to change for the sake of our country and posterity.”
The Senate President also added that with careful execution, Nigeria would be able to meet the Organization of Petroleum Exporting Countries (OPEC) quota ” which stands at 1.8 million barrels per day.”
“This sector has been neglected; we do not have the groundnut pyramids in the north anymore, we do not have the cocoa house in the West anymore, we do not have the palm plantation in the East anymore.
“We now have a resource cost or paradox of plenty. A resource cost is a situation in which nations fail to use their wealth to improve the living conditions of their people and foster their economy. The wealth leads to corruption and poverty rather than economic development.
“These countries in the end slide down lower growth and development; that has been the story of Nigeria. It was one of the reasons the Bola Tinubu’s administration had to do away with the petroleum subsidy which has destroyed our economy by instalments.
“We need bold action to address the big problem is a story we in the National Assembly want to change for the sake of our country and posterity.”
The Senate President also added that with careful execution, Nigeria would be able to meet the Organization of Petroleum Exporting Countries (OPEC) quota ” which stands at 1.8 million barrels per day.”
| Posted: at | |
TRENDING GISTS 
2025 U-20 AFCON: Check Out All 8 Teams That Qualified For Quarter-Finals
Watch Loved-Up Moment Portable's Wife, Ashabi Shared With The Singer (Video)
Police Arrest Suspected Ritualist With Human Organs In Lagos
PHOTOS: Troops Arrest Notorious Gunrunners, Recover Arms In Kaduna