Nigeria: Use Oil Windfall to Fund Projects, Federal Government Told

allafrica.com Onyebuchi Ezigbo Abuja

Chairman, House of Representatives Committee on Petroleum Matters, Hon. John Agoda, has called on the Federal Government to use the additional oil revenue expected from this year's budget to fund developmental projects in the country.

The current price of crude oil hovers around $32 per barrel, about $10 above the $22 pprojected in the 2003 budget. Nigeria Competition Bill

The rise in crude oil prices is the result of the threat of war in the Gulf Region and the oil price workers' strike in Venezuela.

The price of oil has continued to soar despite Organisation of Petroleum Exporting Countries (OPEC) recent increase of quota.

Speaking with THISDAY yesterday in Abuja, Agoda said there were a number of development projects earmarked for execution by the Federal Government, which if effectively carried out, will positively impact on the lives of the generality of Nigerians.

He listed such priority areas as education, employment-generating projects, and the general elections etc.

"We have various development projects going on in the country, starting from the economy, the educational sector and with the general elections coming up this year, we need re-education and adequate enlightenment of our people and we need to create more employment", Agoda stressed.

Last year, Nigeria's development aspirations suffered severe setback due to the disruptive effects of the fluctuation of oil revenue profile.