By Mike ALADENIKA.
For Nigeria to exit it's current socio-political cum economic challenges, a bold step must be taken to the effect of granting financial autonomy to " constituent states through greater fiscal prudence".
This is the position of the President, African Development Bank (AFDB), Dr. Akinwumi ADESINA in a lecture titled NIGERIA, A COUNTRY OF MANY NATIONS : A QUEST FOR NATIONAL INTEGRATION, delivered at the 80th birthday celebration of Pastor E. A. Adeboye, General Overseer of the Redeemed Christian Church of God.
Dr. Akinwumi ADESINA, a former minister of Agriculture in Nigeria and a Frontline contender for Nigeria's Presidency in the 2023 General Election said "constituent states in Nigeria's federation should focus on unlocking the huge resources they have, based on areas of comparative advantage, as this will rapidly expand their wealth for their People. With their increased wealth, they will be able to access capital markets to secure long-term financing to Fast Track their growth and development."
As a way out of Nigeria's current economic challenges, the African Development Bank President advocates for a total restructuring driven by economic and financial viability.
According to him "the resources found in the state or state groupings should belong to them while they, in turn pay taxes or royalties for those resources to the Federal Government."
The agro-economic expert however posited that "the achievement of economically viable entities and the viability of the National entity requires CONSTITUTIONAL changes to devolve more economic and fiscal powers to the states or regions.".
"The stronger th states or regions, the stronger the federated units. In the process, our Union would be renewed, be stronger, be equitable and be fully participatory".
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