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Diversification of economy, panacea for socio-economic development – Gov. Inuwa Yahaya

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Diversification of economy, panacea for socio-economic development – Gov. Inuwa Yahaya

By Matthew ELOYI

Governor Muhammadu Inuwa Yahaya of Gombe State has said that diversification of the economy is the only panacea for the socio-economic development of Nigeria, adding that it will enable the country to maximally harness and utilize its abundant natural resources to rebuild the economy and improve the living standards of the citizens.

Governor Yahaya stated this on Thursday at the North-East zonal public hearing on the Review of Revenue Allocation Formula by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), held at the Government House in Gombe.

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According to the Governor, the effort will also elicit the confidence of the citizenry on Governments at all levels to achieve the desired national renaissance.

In his words, “Regrettably, despite our massive natural and human resource endowments our country continues to depend on crude oil resources as the major source of revenue for decades despite the massive developmental challenges facing us. This leaves us with no alternative than to diversify the economy, especially with the current trends of globalization and the monumental challenges facing us as a nation. We must therefore harness our resources wisely to turn the destiny of our country around by utilizing the existing abundant potentials inherent in the economy.

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“Distinguished Ladies and Gentlemen, diversification of the economy is the only panacea for the socio-economic development of our dear country. Through it, we shall be able to maximally harness and utilize the abundant natural resources bestowed on us by the Almighty Allah to rebuild the economy, and improve the living standards of our people. This effort will also elicit the confidence of the citizenry on Governments at all levels to achieve the desired national renaissance.”

The Governor disclosed that the Zonal workshop is amongst the series being organized by RMFC aimed at sensitizing the three tiers of Governments on the Review of Revenue Allocation Formula based on the revenue generation of the nation to sustain economic growth, create job opportunities and provide infrastructural facilities.

Diversification of economy, panacea for socio-economic development – Gov. Inuwa Yahaya

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