NGOZI OKONJO-IWEALA ADVISES GOVERNORS: MOVE BEYOND CRUDE OIL DEPENDENCY.

The Director-General of the World Trade Organization WTO, Ngozi Okonjo-Iweala has counselled incoming governors to stop depending on crude oil and diversify the sources of revenue in their respective states.

Speaking during an induction organized for elected governors in Abuja, the former Minister of Finance highlighted that states that heavily depend on the monthly Federation Account Allocation Committee, FAAC would be badly affected when the country’s oil and gas no longer serve as the main sources of its revenue.

Okonjo-Iweala admonished all the incoming governors to seek proactive ways to diversify its revenue sources and sustain higher growth until it attains upper middle-income status.

She also tasked them to rebuild the trust of Nigerians through their policies and programmers, noting that a lot of trusts had been broken following the 2023 general elections.