Nigeria has consistently failed to maximise the benefits of oil windfalls, according to business analyst Idowu Shobawale, who warns that without fiscal discipline, any new revenue gains could be wasted once again.
Speaking in an interview with ARISE News on Wednesday, Sobowale criticised the government’s approach to budgeting and spending, particularly the tendency to rely on borrowing despite potential increases in oil revenue.
According to him, “We have never, ever made good use of this windfall.”
He argued that rather than planning effectively, authorities often anticipate revenue increases without applying the necessary fiscal restraint.
“Well, it is fortuitous for us that this war is going on… but we should know how to make use of it,” he said.
Sobowale described the continued reliance on loans alongside expected windfall gains as excessive and unsustainable.
“This is extravagant. I must say, with due respect to government, this is extravagant,” he stated.
He urged the government to prioritise internal revenue generation and adopt more strategic financial management practices.
“We must look for sources of revenue to finance our needs. I hate to go abroad,” he added.
The analyst also stressed that security should take precedence in the allocation of any additional revenue, warning that economic planning cannot be separated from national safety.
“Security is our underlying apparatus,” he said.
He pointed to ongoing insecurity and displacement as urgent issues requiring immediate attention, including reopening schools in affected regions and resettling displaced persons.
“Top priority is law and order… then opening of schools in the north… to resolve the internally displaced camps,” he noted.
Sobowale urther cautioned against mismanagement of public funds, alleging that resources meant for critical sectors such as defence are sometimes diverted.
“They are into this already. There are money meant for defence… being spent for something else,” he said.
He concluded by urging sustained public scrutiny and accountability, emphasising that citizens must continue to question government actions.
“You can always question the government, criticize the government… and never cease to appeal,” he added.
Triumph Ojo
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