In the face of dwindling oil revenue, the Minister/Deputy Chairman, National Planning Commission, Abubakar Olanrewaju Sulaiman, has stressed the need to diversify sources of revenue.

The minister spoke at the meeting of a National Council on Development Planning (NCDP) held at the International Conference Centre, University of Ibadan (UI).

Recalling the decline in crude oil price from $100 to about $80 per barrel in the recent past, the minister said: “This has the potential of affecting the economic performance of member nations, including Nigeria and by extension the states that rely on crude oil as major revenue receipts.”

Supporting suggestions at the international forum that there should be a right mix of policies to enable countries build up buffer stock and resilience among others, he said the National Planning Commission “is working closely with the Federal Ministry of Finance and the Central Bank in developing a contingency plan at the national level.

“The states are also advised to develop their strategic plans, as well as the associated contingency plans to complement the effort of the Federal Government,” he said, adding; “The Commissioners of Economic Planning are, therefore, expected to lead the process in their respective states.”