Former Minister of Agriculture and President of the African Development Bank Group, Dr. Akinwumi Adesina has said that the restructuring of Nigeria should be driven by economic and financial viability.
In a public lecture titled ‘Toward a New Nigeria From Federal Fatherism to a Commonwealth’ and delivered virtually from the base of the African Development Bank in Abidjan, Ivory Coast for an event in Akure, Akinwumi who stated that economic and financial viability are necessary for political viability, also called for a better way of supporting states in financing critical infrastructure.
He stressed the need to diversify the source of financing for states across Nigeria, noting that Nigerians in Diaspora remitted $24 billion in 2019, which accounted for half of crude oil exports.
Akinwumi suggested that resources in each state should be managed by the States which will in turn pay federal taxes and royalties to the Federal Government. He also urged state governments to focus on turning their resources into wealth based on their areas of comparative advantage.
By Francisca C.