A member of the House of Representatives, representing Ovia Federal Constituency of Edo State, Mr Dennis Idahosa, has warned the Federal Government of the danger of relying solely on oil revenue, without harnessing other sources of revenue, in the face 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.
Idahosa, who spoke in Benin on Wednesday, vide a statement endorsed by his media aide, Mr Friday Aghedo, expressed worry that the country’s revenue would be dealt a serious blow, if the nation failed to look beyond the oil and gas sector that accounted for more than 65 per cent of the country’s revenue.
He noted 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” on the floor of the lower chamber.
Idahosa pointed out that Nigeria had numerous potential sources of revenue and if attention was not placed on them early, it would be of no benefit to the citizens and the nation at large.
He said that part of the resolution of the Glasgow meeting which took place between October 31st to November 12, 2021, was to phase down fossil fuels to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels.
He explained that the parties to the Paris Agreement adopted at COP21 in Paris on December 12, 2015, entering into force on the 4th of November, 2060, were 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 depend 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.
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