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Gambari criticises sharing of $4bn excess crude revenue
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L-R: Ahmed Mohammed, executive secretary, Universal Basic Education Commission (UBE); John Aboh, acting group managing director, Wema Bank, and Muyiwa Fagbola, divisional head, public sector, of the bank during a courtesy visit to the commission in Abuja
For failing to provide for the unborn generation from the excess crude account, Ibrahim Gambari, under secretary and special advisor to the Secretary-General of the United Nations, has criticised the decision to share the $4 billion (N480 billion) in the fund.
To him, the money could have been channeled into sovereignty accounts, preserved for future generation and also as an investment into national solidarity. Besides, part of the revenue could have been ploughed into infrastructural development and other developmental challenges facing the country.
But having taken the decision, caution must be taken in order to protect the economy from undue inflation and ensure the funds are properly utilised.
Speaking at the fifth annual lecture of Center for Values in Leadership (CVL) in Lagos, Gambari, a former minister of foreign affairs said investment into science and technology should encouraged by improving the budgetary allocation into the sector. Similarly, a clement environmental condition should be put in place to encourage foreign investors and attract Nigeria’s best brains in the Diaspora to come and contribute towards the attainment of developmental goals.
On the festering crisis in the Niger-Delta region, he called for a political solution to what he said is a political problem as the use of force will yield little or no result towards the resolution of the conflict in the region.
Gambari endorsed Nigeria’s quest for a permanent seat at the United Nation Security Council, saying that it will enhance the country’s chances of becoming one of the most influential states in the world and serve as a catalyst against coup d’etat.
He however lamented that Nigeria is not even rated among the top 10 economies in Africa but commended the role of the Economic and Financial Crimes Commission in curbing official graft.
On accountability on the part of leaders as a means of advancing the economy, he said that transparent leadership should be the watchword for African leaders as they will be remembered only for the legacies they leave behind on the expiration of their tenures in office. He also encouraged the citizens to constantly pay their taxes to the government as it will enable them justifiably make demands on government. He attributed the lack of demand for accountability by the led to the high level of tax evasion.
Juliet Elu, professor of economics from Spelman College USA, speaking also at the event said that the major challenges facing Nigeria is high prevalence of illiteracy and poverty, and the need to evolve good governance and improve healthcare.
But having taken the decision, caution must be taken in order to protect the economy from undue inflation and ensure the funds are properly utilised.
Speaking at the fifth annual lecture of Center for Values in Leadership (CVL) in Lagos, Gambari, a former minister of foreign affairs said investment into science and technology should encouraged by improving the budgetary allocation into the sector. Similarly, a clement environmental condition should be put in place to encourage foreign investors and attract Nigeria’s best brains in the Diaspora to come and contribute towards the attainment of developmental goals.
On the festering crisis in the Niger-Delta region, he called for a political solution to what he said is a political problem as the use of force will yield little or no result towards the resolution of the conflict in the region.
Gambari endorsed Nigeria’s quest for a permanent seat at the United Nation Security Council, saying that it will enhance the country’s chances of becoming one of the most influential states in the world and serve as a catalyst against coup d’etat.
He however lamented that Nigeria is not even rated among the top 10 economies in Africa but commended the role of the Economic and Financial Crimes Commission in curbing official graft.
On accountability on the part of leaders as a means of advancing the economy, he said that transparent leadership should be the watchword for African leaders as they will be remembered only for the legacies they leave behind on the expiration of their tenures in office. He also encouraged the citizens to constantly pay their taxes to the government as it will enable them justifiably make demands on government. He attributed the lack of demand for accountability by the led to the high level of tax evasion.
Juliet Elu, professor of economics from Spelman College USA, speaking also at the event said that the major challenges facing Nigeria is high prevalence of illiteracy and poverty, and the need to evolve good governance and improve healthcare.
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