Gov. Rauf Aregbesola of Osun has called on Nigerians to redouble their productivity and be wealth creators in 2016 because the era of dependence on crude oil money had ended in the country.
Aregbesola made the call in his new year address to the people of his state on Friday in Osogbo.
According to him, there is dwindling national economic earning which was compounded by continuous fall in crude oil prices globally.
He said the situation implied that revenues derivable from the Federation Account as the basis for running government had reduced to little or nothing.
“The undisputed evidence of crude oil fall is that a barrel of crude oil which went for 140 dollars in 2013, sold for 31.71 dollars as at yesterday (Thursday).
“There are prognosis that before long, it might drop below 20 dollars.
“The effect of this sharp reduction is that the distributive pool of the federation account that hit a zenith of N1.3 trillion in 2012 dropped to a new low of N369 billion in November allocation shared in Dec. 2015.
“It means for us that the era of unearned revenue has come to an end and we are now entering into a new period where it is imperative for us to work for our own money before we can spend it,” he said.
Aregbesola said the period demanded innovation, creativity, productivity, industry and wealth creation.
He called on Nigerians, irrespective of trade, to work harder, be innovative and redouble their productivity to sustain the Nigerian economy.
He called on the youth and school leavers to embrace the philosophy of hard work and innovation, saying they should engage in farming and skill acquisition for self-employment.
He said the government would do everything within its powers to maintain its covenant with the people, assuring them that they would not be left alone hopeless and helpless during the period.(NAN)