A financial expert, Dr. Olusegun Alade, says the Federal Government can generate about N15tn over the next two years and diversify the economy for optimal resource utilisation.
Alade, who is an economist, stated this in an economic blueprint he developed for the country.
He said that the government could face less worries if it explored new revenue channels, plugged leakages and mobilised resources to arrest its rapidly failing economy from total collapse.
According to him, the current annual budget of N4.7tn is grossly inadequate to meet government’s statutory obligations to the people and, as such, new sectors like agriculture, solid minerals and tourism must be explored.
Alade, in a statement on Thursday, said that in addition to generating N15tn unemployment could be drastically reduced, especially among youths through the resuscitation of ailing industries.
He stated that with the rapidly falling crude oil prices, Nigeria’s major foreign exchange earner had created shocks in the economy, such that federal allocations to the 36 states and 774 local councils had been dwindling, causing leading to unpaid salaries and pensions across the country.
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