A member of the House of Representatives, Mr. Dennis Idahosa, has warned the Federal Government to explore 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 on Wednesday by his media aide, Mr. Friday Aghedo, the representing Ovia Federal Constituency said the country’s revenue would be affected if deliberate steps were not made to diversify the economy beyond oil and gas which accounts for more than 65 percent of income.
Idahosa noted that it was in a bid to avert the looming danger that he sponsored a motion titled, “A need to create an economic revenue road map for the future of Nigeria,” on the floor of the Green Chamber.
He pointed out that Nigeria has numerous potential sources of revenue and if attention is not placed on them early, it would be of no benefit to its citizens and the nation at large.
The lawmaker said that part of the resolution of the Glasgow meeting which took place between October 31 and November 12, 2021, was to phase out fossil fuels ‘COAL’ to limit global warming to 1.5 degrees Celsius compared with pre-industrial levels.
That parties to the Paris Agreement adopted at COP21 in Paris on December 12, 2015, entering into force on the 4th of November, 2016, are expected to transit from fossil fuel to clean energy and reach a net-zero ambition for greenhouse gasses emission.
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“I am aware that President Muhammadu Buhari while delivering his speech at the COP26 leaders’ summit emphasized 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 utilize 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,” he stated.
