NES Tells FG To Stop Sharing Crude Oil Money

– NES faulted FG for sharing proceeds from crude oil

– NES President, Agiobenebo said that the discovery of oil would have changed the development narrative of Nigeria

– NES president called on Nigerians to be patriotic and patronise locally produced goods

The Nigerian Economic Society has faulted the federal account allocation committee for sharing the proceeds of crude oil, saying that it has degraded the assets of Nigeria.

The President of NES, Prof. Tamuno Agiobenebo, made the society’s position known in Abuja at a press briefing on its 60th annual conference with the theme: ‘Economic policies and quality of life in Nigeria’, scheduled for September 16-18.

NES gave this advice on Sunday even as it supported the closure of land borders by the Federal Government, describing it as a blessing to Nigeria.

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Agiobenebo said, “The discovery of oil would have changed the development narrative of Nigeria. But then, we have the wrong incentives: this sharing mentality does one thing. For the states that do not have any cost but going to Abuja to share, their marginal cost is zero.”

The NES president also called on Nigerians to be patriotic and patronise locally produced goods.