Oil still important, says RMAFC acting chairman

Acting Chairman of Revenue Mobilisation and Fiscal Commission, Mr. Umaru Abdullahi, has said the oil industry is still very important to the country and still has major impact on nation’s economy.

He spoke at a retreat with the theme, ‘Petroleum Industry Act 2021 and its Impact on Federation Revenue’, held at Ibom Icon Hotel in Uyo, Akwa Ibom State.

He noted that any adverse change in the industry would have a major and long-term impact on federation revenue, stressing that it might have been the reason governments had concentrated on the sector.

Earlier, Akwa Ibom State Governor, Mr. Udom Emmanuel, reiterated his call for governments to see the need to diversify the nation’s economy and be less dependent on oil.

He stressed the need to diversify the economy from oil to agriculture, small and medium scale enterprise, aviation and tourism as only oil could no longer sustain the nation’s economy.