From Tony Osauzo, Benin
A member of the House of Representatives, Hon. Dennis Idahosa, has warned the Federal Government of the danger of failure to harness other sources of revenue other than oil ahead of the implementation of the resolutions of the 26th meeting of the Conference Parties to the United Nations Framework Convention on Climate Change (UNCOP26) in Glasgow.
In a statement by his media aide, Friday Aghedo, the lawmaker expressed worry that the country’s revenue would be dealt a serious blow if it failed to look beyond Oil and Gas sector that currently account for more than 65 percent of its revenue.
Idahosa who represents the Ovia Federal Constituency at the Green Chamber of National Assembly on the platform of the APC, stated that it was in a bid to avert the looming danger that he sponsored a motion titled, “Need to Create An Economic Revenue Road Map For The Future of Nigeria” in the floor of the Assembly.
He said the country has numerous potential sources of revenue and pointed that if attention is not placed on them early, they would be of no benefit to it citizens and the nation at large.
He explained that part of the resolution of the Glasgow meeting which took place between October 31st to November 12, 2021, is to phase down fossil fuels “COAL” to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels.
Besides, he said parties to the Paris agreement adopted at COP21 in Paris on December 12, 2015, entering into force on the 4th of November, 2060, are expected to transit from fossil fuel to clean energy and reach a net zero ambition for greenhouse gasses emission.
“I am aware that President Muhammadu Buhari while delivering his speech at the COP26 leaders summit emphasised that for Nigeria climate change is not happening today and pledged that Nigeria would cut its emissions to net-zero by 2060.
“This period, according to an expert, the viability of fossil fuels and hydrocarbon is speculated to last for another 20 years which gives the nation time to utilise and redirect the sources gained from oil and gas towards the development of other sectors of the economy for the overall benefit of the nation.
“I am concerned that following the recent resolution by all major countries at the UNCOP26 2021 summit, counties like Nigeria which depends mainly on hydrocarbon and fossil fuels for revenue and survival, will be the worst hit except careful and intentional precautions are taken to secure the future of Nigeria”, Idahosa said.