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Falling price of crude oil 'll affect economy 'Odu'a boss

Published by Tribune on Tue, 07 Aug 2012

Chairman, Board of Directors, Oodu'a Investment Company Limited, Chief Sharafadeen Abiodun Alli, has warned that if the current falling price of crude oil in the international market goes down by another $30, the Federal Government may find it difficult to implement greater percentage of the 2012 budget.He said that if the situation persisted without any solution, the government might found it difficult, if not impossible, to pay civil servants' salaries.Speaking with newsmen after he was turbanned as the Giwa Adeen of Yemetu and environs Muslim community, Ibadan, Oyo State, on Sunday, he said Nigerians should watch out for a more shocking revelation in the implementation of this year's appropriation act notwithstanding the recent crisis between the executive arm and the National Assembly over the unimpressive level of the funding of the budget by the executive.He cautioned that the Federal Government might find it difficult to pay its workforce in the next six to eight months should the price of oil dropped by the estimated $30.The Oodu'a boss regretted that the falling price of crude oil was already having its toll on the governance at states and across the 774 local government areas of the federation, because allocations were being delayed monthly, because allocation sharing is based mainly on earnings from the sales of crude oil.With the nation's economy, Alli stressed that it was high time the government diversified and developed a better and home-grown economy in such a way that the nation would be less dependent on oil for survival."If the price of oil falls by about 30 dollars and continues for about six to eight months, we will have serious problem in Nigeria, because the Federal Government will find it difficult to pay salary of its workers.
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