Stop sharing crude oil money, NES tells FG

The Nigerian Economic Society has faulted the sharing of the proceeds of crude oil by the Federation Accounts Allocation Committee, saying it has debased the assets of Nigeria.

The organisation also stated that the discovery of oil could not change the development narratives of Nigeria.

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

President Muhammadu Buhari is expected to declare the event open.

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.