Date: 2016-03-07

Undoubtedly, the year 2015 will remain a memorable year in the minds of many across the globe with its good, bad and ugly sides, particularly from political and economic spheres. From economic front, oil which serves as main stay of the economies of many countries, Nigeria inclusive , witnessed an all-time shock in global market as crude oil price dropped from $110 per barrel as at December, 2014 to below $30 per barrel now in the global oil market with no end in sight to its instability. ?

Consequently, many economies which are built around proceeds from oil could not absorb the shock from the persistent fall in global oil price. The worst hit are countries with monolithic economies like Nigeria which its mainstay has been oil over the decades.

Nigeria's economy since the neglect of agriculture in 1970s has been largely driven by proceeds from oil while the global oil price remains a platform of drafting the annual budget.

However, the persistent fall in oil price has dealt a big blow on Nigeria's economy in the year under review. This has led to the rise in unemployment rate, abandonment of developmental projects across the country, non payment of workers' salaries when due as well as increase in poverty level.

Today, many states in Nigeria which hitherto relied on monthly hands-out, courtesy of oil revenues could not survive in even paying wage bills not to talk of meeting other obligations in infrastructural development. This is indeed embarrassing in a country with over 170 million population with abundant human and natural resources.

It is an open secret that in many states of the federation, developmental projects have largely been abandoned owing to the current economic realities while many state governors are incapacitated to initiate any new projects as promised during their campaigns while projects encapsulated in budgets could not be executed as planned.

In Kwara State, there are ongoing projects which ought to have reached completion levels but could not be executed and completed as planned owing to lack of funds. Such projects include but not limited to the Ilorin Water Reticulation project, provision of equipment and take off of the International Vocational Centre, Ajase Ipo and road constructions in Ilorin, Offa, Arandun, Rore, Arobadi-Megida among others.

Others are the establishment of the two campuses of the State University at Ilesha Baruba and Osi, construction of phase one of Kishi-Kaiama road, dualisation of Zango-UITH road, dualisation of Michael Imodu, provision of eight hundred and sixty transformers and rehabilitation of the Indoor Sports Hall of the State Stadium Complex ,Ilorin.

Addressing some stakeholders recently at the Banquet Hall, Opposite Government House, Ilorin, Governor Ahmed did say that projects and programmes encapsulated in the 2016 budget would be executed with improved revenue.

But for how long will state governments rely on federation allocations? For how long will state governments seek bail out from the federal government in times of financial crisis? For how long will state governments resort to commercial banks and capital markets for loans and bonds to pay salaries and finance capital projects? Not for too long, says Kwara State Governor, Dr Abdulfatah Ahmed.

His perspective on the issue: any serious government must think outside the box and devise means of alternative sources of revenue to meet its wage bills and other commitment in infrastructural development and provision of social amenities.

In Kwara, Gov. Ahmed is walking his talk as another vista has been opened in the annals of the State with the establishment of the Kwara State Internal Revenue Service (KWIRS) and subsequent commissioning of the Revenue House of the Service with the charged by Governor Abdulfatah Ahmed to rake in five billion naira monthly, N60 Billion annually.

The new IGR drive is a bold effort in looking inwards for enhanced revenue generation and restructuring in the face of shortfalls in earnings from crude oil sales. Consequently, the drive is seen as a platform towards reducing reliance on oil proceeds, plugging leakages in revenue collection processes and growing the the economy.

Other money spinning sectors which hitherto have been neglected or under-exploited must be given the necessary impetus and incentives towards opening up opportunities for the teeming unemployed youths and diversify the state's economy with a view to stimulating the economy. Particular reference is the huge but immensely unexplored and exploited tourism potentials across the State. If Owu Water Falls in Owa Kajola is transformed into tourists haven value adding economic activities will not only sprout along that axis of the state its IGR will be greener.

The free fall of the federal allocation which snowballed into the current economic challenges is highly embarrassing, considering the human and material resources the God Almighty blessed this dearing country with. In fact, all resources are in abundant in Nigeria!

Kwara must be drifted to economic prosperity through opening up of other opportunities that could raking in huge revenues. This, if done, will no doubt insulate the state from its age-long over reliance on monthly federal allocation which largely comes from oil proceeds.

Without shadow of doubt, Kwara State is blessed with natural resources which include Gold, Kaolins, Colombite, Tantalite, Marble, Silica Sand, Granite (Black and White) Sand, Gravel, Talc, Tourmalines, Mica, Gypsum, Garnet, Emerald, Clay, Aquamarine, all of which could be exploited to form the base for industrial development in the state. All these items present opportunities for milling companies and firms looking to use these raw materials as inputs.

Already, there is a plan in the pipeline to categorise artisan miners into clusters for coordination and assistance. However, the State government must develop the will to design a blueprint in partnership with the Federal Government on ways to harness the mineral deposits in the state. Importantly, the Federal Government must come up with a clear policy direction synergising with state governments in exploiting abundant precious stones and metals in the country.

No doubt, Kwara is agrarian community and farmers could be supported to make agriculture more attractive to them and even graduates. The Kwara State Government should as a matter of urgency review all its agricultural policies in order to match input with output if the state must be truly seen as pace setter in agribusiness. It is important to get supplements and other incentives across to genuine farmers at appropriate farming seasons rather than unintended beneficiaries. Again, diversifying the economy to agriculture, solid minerals and tourism is a sure-way to stimulating the economy, create employment opportunities and guarantee shared prosperity.

Residents of Kwara State should equally assist the government in building viable economy through regularly payment of taxes and reduction of reliance on white collar job to small and medium enterprises and agriculture which are believed to generating wealth if right incentives are given by the government.

The Federal Government must also wean Nigerian economy from the increasing import bills which made the country to import all sort of items from toothpicks, pencils to foods that could be produced locally. Relying on locally made items will in no distant time stimulate the economy, create employment opportunities and preserve foreign exchange earnings.

Equally, the human capital flight need to be checked by assisting entrepreneurs and artisans with capital or grants as a way of boosting local economy and activate Kwara's huge potentials. The already established micro-credit scheme of the state government needs to be rejuvenated to accommodate more artisan groups and encourage more youths to go into farming, solid mineral, small scale production in order to reduce reliance on white-collar jobs and alleviate the growing poverty in the land.

Abdulrosheed Okiki writes from Ilorin via okiki4all@yahoo.co.uk