Skip to main content

States Must Control Resources In Their Domain, Hashim Declares



 A business mogul and frontline politician, Mr Gbenga Olawepo Hashim has called for decentralization of more power to state to fast track Nigeria's development. 

The Chairman of Bresson AS limited said there was need for Nigeria to decentralise power to the states if it must survive as a productive country. 

He made this known at a public lecture titled: ‘Nigeria: Agenda for an all round development,” organised by the post-graduate college of the Obafemi Awolowo University, Ile-Ife, Osun State. 

Olawepo-Hashim, a former student activist, disagreed with advocates of regionalism, contending that there was need to ensure that state governments control resources in their states. He said: “We have been talking about restructuring and that is something a lot of people are afraid of, but one thing I know is that if Nigeria will survive as a productive country, we need to decentralise power. I don’t believe in going back to the regions. What we need to do is to ensure that states have control over the resources in their environment. 

For instance, in the United States of America, the states have their laws; if you don’t like the kind of decision in a state like Texas, you can relocate to another state. If we allow the states to have control of their resources, they will develop faster. “In order to direct available finance in the country for key task of industrialization; the country must prioritize available finance for modernizing the country’s infrastructure. 

Mr Hashim added that, the trend in which 80 per cent of revenue in the nation’s budget has been disproportionately consistently applied to recurrent expenditure; whilst capital expenditure takes the back seat at 20 per cent must be discounted “To begin with, it must be the goal of public finance to allocate 50 per cent of revenue to capital expenditure. 

Secondly, there must be a complete change in the budgeting system from the current envelope system where annual budget are merely a repeat of previous year sectorial allocation with variations, accounting for inflation. Budgeting must become needs based, driven by national economic priority, based on a new plan to build modern infrastructure, make the needed social investment for the country and industrialise Nigeria. 

“Thirdly, another element of financial reform that Nigeria needs to undertake is to ensure banking and financial sectors make capital available to the real sector of the economy. Whereas, monetary policy formulation is within the competence of the Central Bank which has autonomy over this matters, the necessary coordination between the fiscal and monetary Authorities must be generated to allow the new reform, which must also include bringing down the present unsustainable lending rate to a single digit.” Olawepo explains.

Comments

Popular posts from this blog

Young Nigerian Presidential Aspirants Forge Alliance To Win 2019

The faction of the Young Nigerian Presidential Aspirants from various political parties tonight decided to collaborate and forged a united front to win the seat in 2019.


Atiku Shares Deep Lessons From Black Panther

Over the weekend, I joined my children to watch the much talked about ‘Black Panther’. It was a good film, and I was happy they took me to see it. However, I came out of the movie theatre a little upset. When the first scenes came up, and I saw “Sambisa Forest” I was unhappy that the only reference the film makers could have for Nigeria was a negative one, but I was later encouraged by the thought of Africans solving African problems. That is a good thing, the kinds of things we used to do. For young people who may not remember, Nigerian civil servants and indeed most able citizens used to contribute money every month to support the struggle against Apartheid in South Africa. Nigeria was the single stabilizing force across West Africa. Helping to restore peace in Liberia and Sierra Leone are examples of the gigantic status we once had.

Selling Smart Phone Pictures: When My Phone Photography Exhibition Abuja Held Recently

The maiden edition of the 'my phone photography exhibition' held on the 23rd of March. The Shehu Musa Yar'adua Centre located in central area, Abuja, played host to this event. It was an atmosphere filled with calmness but you could also hear the joy and excitement in the voices of the over 100 people who came through the exhibition doors. 
The idea of the exhibition was born by one of the exhibitors (Omofuoma Agharite). Haven taken numerous pictures with her phone, she wanted to share those pictures with others and at the same time support a charity organisation. It was then that the idea was born and given to Ivy Events to nurture. After months of planning and execution, a group of exhibitors came together to showcase some of the amazing pictures that they had photographed with only their phones.