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Cash Crunch: Federal Government Should Explore Other Means Of Generating Revenue

Since the outbreak of Coronavirus last year, Nigeria as a nation has been experiencing financial challenges. This may be as a result of the dwindling crude oil price across the world. This reduction in the oil revenue has drastically affected the GDP of Nigeria and also the money shared to the 36 states and the federal capital territory.

This issue took a new dimension when the Governor of Edo state, Mr Godwin Obaseki alleged that the federal government printed cash before they could share the monthly allocation to the states last month.

Although this claim by Governor Godwin Obaseki has been debunked by the minister of finance, saying that the claim is untrue.

As a result of this financial crisis, there is the need for both the federal and state governments to look into another means of generating revenue for the smooth running of every sector of the economy. It crystal clear that Nigeria as a nation cannot rely solely on crude oil as a source of generating revenue.

What are the other sources of generating revenue that Nigeria can explore?

Agriculture is a main source of generating revenue for some African countries. Nigeria as a nation is blessed with vast expanse of Arable and fertile land that is good for agricultural practices. In fact, Nigeria has been dependent on agriculture as a source of generating revenue before the discovery of crude oil.

The southwest had Cocoa and the proceed from cocoa farming was used to develop the region before the exploration of crude oil.

The North also had groundnut pyramid and the East had palm oil. These agricultural products can be looked into and revived so that the nation can come out of its financial crisis on time.

Another source of generating revenue that the government can look into is the abundant mineral deposits that we have in Nigeria. Our nation is blessed with so many mineral resources like Gold, Mable and many others that if well explored can generate a huge revenue that will lift the nation out of cash crunch.

Content created and supplied by: Samaktad (via Opera News )

Cash Crunch Edo Federal Godwin Obaseki Nigeria

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