Worried by the continuous decline in the prices of crude oil in the international market, the Federal Government has advised state governments to develop contingency plans to cushion the impact on the country’s revenue.

The Minister of National Planning, Dr. Abubakar Sulaiman, gave the advice during a meeting of the National Council on Development Planning at the University of Ibadan on Saturday.

He said while the Federal Government was putting in place measures to cushion the impact of falling oil prices on the economy, there was the need for the states to complement such efforts should the decline continued.

The meeting was presided over by the minister and was attended by commissioners of Economic Planning from the states.

Sulaiman said, “I am pleased to inform you that the National Planning Commission is working closely with the Federal Ministry of Finance and the Central Bank of Nigeria 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. The commissioners of Economic Planning are, therefore, expected to lead the process in their respective states.”

The minister also explained that the decline in crude oil price from $100 to $80 per barrel in the recent times had the potential of affecting the economic performance of oil producing countries, including Nigeria and by extension the states relying on crude oil as a major source of revenue.

Stressing the need for cooperation among all tiers of government in order to achieve the desired objective, Sulaiman said, “The Federal Government cannot do it alone; neither can the states and local governments. We all need to work together to achieve our common goals and aspirations of enhancing strategic planning and building resilience.

“There must, therefore, be synergy of purpose so that progress can be brought to our people within a short period.”

The NCDP was established in accordance with the National Planning Commission Act, 1993, as one of the key statutory bodies constituted to facilitate and coordinate the economic development process at the federal and sub-national levels in the country.

Its recommendations are expected to serve as critical inputs into the meetings of National Economic Council under the chairmanship of the Vice President.