OrderPaperToday – Chairman of the House of Representatives Public Accounts Committee (PAC), Oluwole Oke has advocated for good governance, discipline, public cooperation and accountability as factors to help achieve set goals for the country’s growth and development.
The PAC Chairman made the remark during a Development Dialogue Session of the Growth Initiatives for Fiscal Transparency (GIFT) Project Nigeria themed “Revenue, Remittances, and Resource Beneficiation.”
A Project implemented by OrderPaper Advocacy Initiative (OAI) and its cluster partners, as a USAID-funded activity.
Oke, a special guest at the event stated that a continuous increase in awareness and promotion of dialogue on key socioeconomic issues by Civil Society Organisations (CSOs) will impact on our local economy and promote good governance.
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“It gives me immense pleasure to participate as a special guest in this Dialogue on Growth Initiative for Fiscal Transparency. I am also aware that it is a USAID-Funded activity under its SCALE Project.
Before proceeding, I would like to thank the leadership of OrderPaper for this invite. I personally can attest to the very important work they have been doing and the impact they have been making. They have been very consistent in promoting dialogue and raising awareness about key socio-economic issues that impact on our local economy and good governance.
It is true to state that Nigeria is a blessed nation, rich in numerous natural resources. Nigeria is reputed to be sitting on a bed of gas and a huge deposit of oil.
Many countries with similar endowments have been able to utilise these resources for the benefit of their citizens and in improving the quality of life and per capita income. Many have also been able to build a huge chest of funds for future generations through their Sovereign Wealth Funds,” he stated.
The fourth-term lawmaker in his address also urged the government to look into the direction of technology to grow the economy like other countries were already doing.
“As at today, Saudi-ARAMCO is the largest company on the planet in terms of revenue with about 2.332 trillion USD, ahead of Apple, Tesla, Alphabet, Microsoft and Amazon. Technology companies have dominated this space for a long while and we have not seen any oil and gas company making the list of top 10.
Nigeria as a country has similar potential as Saudi Arabia however, as at 2022, GDP Per Capita for Nigeria is 5,000 USD, while that of Saudi Arabia is 24, 224 USD.
The media has been reporting since the first quarter of 2022 that NNPC was failing in its ability to make remittance to the Federation Account, despite the current rise in price of crude oil.”