Economy: The Earlier Nigeria’s oil Dries Up The Better – El-Rufai

Kaduna state Governor, Nasir El-Rufai has affirmed that oil as a natural resource in Nigeria must dry up to give way for a robust economy.

Oil, which has been the major source of national revenue in the past decades, has been seen as the constituting factor for brain drain in Nigeria by Governor El-Rufai and therefore argued that the earlier it dries up in Nigeria, the better for national ability to think in a more appropriate manner that will fetch more revenue for the economy.

Speaking at the 2017 Founder’s Day
Celebration in memory of Prof Ojetunji Aboyade, which was organised by the Development Policy Centre in Ibadan the Governor posited critically on how ‘easy money’ generated from oil negatively affected Nigeria’s derivation from taxes and other diversifying sources.

“Having suffered brain drain, how do we attract back our Diaspora and the brain-gain associated with it like the
Chinese and Indians have witnessed? These are the questions a distributive mentality around easy oil revenues is dodging.

The earlier the oil dries up the better for our national ability to think, be innovative and respect intellect and academic achievement. We get easy money, we do not collect taxes and our taxes are six per cent of Gross Domestic Product; that is an average of 21per cent. We stopped respecting the intellectuals that we have in our universities because we got easy money”, he maintained.

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