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Earmark 10% of crude oil sale for key projects, Dafinone advises govt

WARR1—ELDER statesman, Senator David Dafinone, has suggested that a minimum of 10 per cent of the proceeds from the sale of crude oil be set aside by the government to execute key projects in the power, water, security and transport (roads and railways) sectors of the economy to perk up the quality of life of Nigerians.

He also said that a target rate should be set, above which funds from the sale of crude oil should not be distributed to other tiers of government, but set aside for periods when oil price falls below a designated floor.

Senator Dafinone stated this in press statement detailing what monetary measures the federal government should take to tackle the effect of the current global economic meltdown on the country.

He also opined that the Central Bank of Nigeria should encourage the granting of credit by both micro finance and the major banks in a structured way to enhance employment and productivity.

According to him, “a key indicator in resolving problems is the will of the people to deal with and bear the necessary sacrifices based on the premise of hope.

“Government need to be aware that the deepening cynics, based on unfulfilled promises, if allowed to destroy the hope of a better life, may result in consequences that this nation may not wish to contemplate”.

Noting that in 1963, the nation’s  population was 35 million,  80 to 90 million in 1980,  140 million in 2005 and  still growing in 2009, Dafinone said,   “No country can improve the standard of living on a per capita basis if its population grows faster than its resources”.

He observed that  “The global economy is in deep recession, even in Nigeria. As Nigerians we believe in the audacity of hope for our survival in the future but this cannot be achieved without the brotherhood of faith and the love for charity which this nation seriously desires”.


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