By Kingsley Okoye, Abuja.
The Senate has called for the revitalisation of cash crops plantations in Nigeria to facilitate the diversification of the economy from crude oil.
Sen. Solomon Adeola, the Chairman of Senate Committee on Finance, said this at an interactive session with government Ministries, Departments and Agencies (MDAs) on 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP) on Wednesday in Abuja.
Adeola said that the diversification of the economy was necessary, given the increasing dwindling revenue profile of the nation.
He said that there was a new economic order in Nigeria, which required MDAs to think of alternatives to improve the revenue profile of the country.
He said that the emphasis was on how best to earn more foreign exchange, adding that cocoa, groundnut and palm oil were major foreign exchange earners for Nigeria in the past.
“We are having a shortfalls in daily crude oil production and so, we must make frantic steps to bring back the groundnut, cocoa, rubber and palm produce to earn more foreign exchange for Nigeria,” he said.
Adeola said that Senate would work to ensure the setting up of the required regulatory bodies to drive the production of agricultural produce for export.
The committee chairman earlier expressed the readiness of the Senate in assisting the Federal Government to implement the Oronsanya report on rationalisation of government agencies.
Adeola said that the implementation of the report would help salvage the Nigerian economy by saving costs.