As the move for Energy transition deepens and multinational oil companies begin divestment, a Civil Society Organisation, BudgIT Foundation, has urged oil-producing states in Nigeria, including Akwa Ibom to diversify as well as strengthen their revenue base.
Head of Research and Policy Advisory Unit of BudgIT, Iniobong Usen stated this over the weekend in Uyo, during a focus group discussion on 'Fiscal Resilience for the Energy Transition in Akwa Ibom State,' which was organized in collaboration with Policy Alert and supported by Natural Resource Governance Institute, NRGI.
He said the welfarist system around those assets should be reconsidered such that whatever services or goods those assets were meant to provide, are done using the right business frameworks, regretting that from available figures, the returns from those assets were very little.
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