NIGER GOV REQUIRES DIVERSIFICATION OF FINANCIAL SYSTEM AMID FALLING CRUDE OIL PRICES

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Niger State Governor and Chairman, North Central Governors’ Forum, Abubakar Sani Bello, has mentioned that there’s a pressing want for the diversification of the Nigerian financial system on account of the volatility within the international value of crude oil.

The governor mentioned the fixed fluctuation of crude oil costs on the worldwide oil market is a transparent warning that the country can not depend on oil as its predominant supply of income.

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Governor Bello acknowledged this when he led a state delegation to pay a congratulatory go to Mohammed Mamman Nami on his current appointment because of the Executive Chairman, Federal Inland Revenue Service (FIRS), by President Muhammadu Buhari.

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A statement by the governor’s press secretary, Mrs Mary Noel Berje, quotes the Bello as saying that the signal has been there since 2015 following the decline in the revenue from oil as a result of the fluctuation of the price of crude oil at the international market.

NIGER GOV REQUIRES DIVERSIFICATION OF FINANCIAL SYSTEM AMID FALLING CRUDE OIL PRICES
NIGER GOV REQUIRES DIVERSIFICATION OF FINANCIAL SYSTEM AMID FALLING CRUDE OIL PRICES

The development, he noted, has necessitated Niger State to start investing in other sectors to boost its internal revenue and restore people’s confidence in the economy.

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He advised that all states in the country diversify and invest in other sectors of the economy to boost their income, stressing that “in the nearest future, proceeds from such investments would be utilised in running the affairs of government.

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“Any meaningful investment will take time, it has a gestation period and we have to also work on the system,” the governor added.

He decried the refusal of some Nigerians to pay their taxes, noting that such funds are necessary to address infrastructure deficits and other social amenities that have been stretched.

Governor Bello threw his weight behind the computerisation of the revenue sector, stressing that the infrastructure and logistics needed should be provided for the upgrades.

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He also solicited for collaboration and synergy with the FIRS to assist the state in exploring more ways of enhancing its revenue generation drive.

In his remarks, the FIRS boss, Niger native, lamented the poor tax payment tradition in Nigeria, describing it because the weakest in Africa, saying that “individuals don’t like paying taxes.”

According to him, tax assortment within the country has remained a frightening activity for the organisation and subsequently advised the usage of know-how as an obligatory step to reverse the pattern of taxes payment refusal.

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Queenta N. Duru Irukahttp://www.evergreennewsonline.com
A certified Senior Reporter/Advert Executive Evergreennewoline, Creative Writer/Graphic Designer/Political Analysts/ Entrepreneur & Fashionista

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