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Nigerians urged to see opportunities in crude oil slump

By on February 24, 2016

Nigerians have been advised to see the current economic challenges facing the country as a result of the drop in the price of crude as an opportunity to look inwards.

Chief executive officer of Nextnomics, Dr. Temitope Oshikoya, said this in a speech he presented at the 2016 economic summit of the Redeemed Christian Church of God, Victory Chapel, Lagos titled: “Thriving in a period of economic uncertainty.”

While taking a holistic look at the county’s economic situation, Oshikoya equally warned against those he described as prophets of gloom and doom, describing such people as merchants of fear.

“We should beware of the merchant of fear that are propagating what I will call ‘avalanche of pessimism’. It’s true we are going through some challenges, but let’s see those challenges as an opportunity that we can capitalise on,  especially in the oil and non-oil revenue,” Oshikoya added.

Speaking further, he said: “Divide Nigeria’s GDP into two – the oil GDP, essentially in dollar terms, is only about $50 billion, and then the non-oil is about $450 billion.”

Commenting on the exchange rate situation in the country, he said: “What I think needs to be done is to stop this policy somersault that we’ve had for too long, and to stop the speculation that we have been having in recent time.”

In his presentation, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, highlighted the need for Nigerians to be tax compliant.

Represented by his Special Adviser, Femi Edgal, also urged Nigerians to trust the present administration, saying: “This government has shown a commitment to transparency and a commitment to better use of public money for infrastructure and for public good. Look at the budget,30 per cent is going to be focused on infrastructure development and for welfare improvement that would impact on the life of the common man.”

Also speaking at the event, the Chairman, Lagos State Board of Inland Revenue, Mr. Folarin Ogunsanwo, described tax as a social contract between the populace, who are the tax payers as well as the government that would then put effort to attend to their needs, especially social infrastructure, educational facilities, and so on and so forth.

On his part, Partner/Head of Tax & Regulatory Services, PwC, Mr. Taiwo Oyedele said: “We can’t rely on oil and gas anymore to bring in the revenue. We now need to look inward into tax. Now, what that means is that government need to ensure that they help people to prosper; spend on infrastructure,  reduce unemployment, help businesses to thrive in terms of policies, business environment, certainty and consistency in what they do.”

 

[ThisDay]