By Dayo Benson

AMID dwindling international oil price and its attendant negative impact on the nation’s economy, the federal government has been advised to look beyond oil as a solution to the present down turn in the current economic situation in the country.    Foremost commercial lawyer and expert on energy matters Mr George Etomi, gave this piece of advice in Lagos during an interactive media session.

According to Etomi who is also the pioneer chairman of the Nigerian Bar Association NBA, session on business law SBL, “ to get out of the current economic morass, the nation must begin to look beyond oil as a major source of revenue”, adding that part of the problems being experienced in the system is because the energy sector has been riduled with distortions from the beginning” Commenting on  President Muhammadu Buhari led administration policy direction, he pointed out the that situation will become clearer now that ministers had assumed offices.

“The policy direction of the federal government will become clearer now that the ministers are in place” Speaking on lack of continuity in governance, he explained that the nation’s experience had been that new government sometimes presented existing policies of previous government as if they were new ideas.

Existing policies

“New government sometimes clothes existing polices in new garments, for instance treasury single account TSA and Bank verification number BVN are policies that existed before this administration assumed office”. Pointing out that “it means such policies may be giving teeth to what is in existence”.

Etomi who  is also one of the major brains behind the drafting of  Nigerian Communication Act , observed that “ government policies must be demarcated to determine what they want to achieve and regulators must be appointed to drive private enterprise .

Also government should not regulate its own policies, for example in the telecommunication sector, regulator is expected to merge the desire for profit and the need for service”

Speaking on the Sovereign Wealth Fund, the senior lawyer who is also a fellow of Nigerian Institute of Advanced Legal Studies NIALS, said  “ the fund was designed for the kind of period we are in now. Infrastructured funds that is being proposed is a good initiative but it should not be regulated by government”