Fiscal federalism’ll rescue Nigeria from recession – YCE

Oyewale Oluwaseun

The Yoruba Council of Elders on Thursday suggested fiscal federalism as the way out of the economic recession battling the country.
The group said each states of the country should be empowered to generate resources for its development.
Rising from its meeting in Ibadan, the Oyo State capital, the Yoruba elders, popularly known as Igbimo Agba Yoruba, expressed concerns about the country’s economy.
In a communiqué issued by its President-General, Gen. Adeyinka Adebayo (retd.), and the Secretary-General, Chief Idowu Sofola (SAN), the group commended the South-West governors for the outcome of their recent meeting held in Ibadan.
The YCE said it was particularly “impressed with their determination to collaborate within the ambit of the Development Agenda for Western Nigeria for economic activities for the progress of the zone.
The communique partly read, “Fiscal federalism will allow the states to generate resources in their regions while paying taxes and royalty to the Federal Government will promote economic growth and take the country out of recession.
“On the various threats to the security in the country such as kidnapping, armed robbery and militancy in the South-South geopolitical zone, the government should commence, as a matter of urgency, constitutional amendments in order to decentralise the police and the security agencies. There is also a need for corresponding review of the Federal Revenue Allocation formula to empower the states to fulfill their obligations.”
The YCE also commended the Federal Government on the progress made in ensuring peace in the North-East and congratulated President Muhammadu Buhari on the rescue of some of the kidnapped Chibok girls.
The Yoruba elders urged the President to intensify efforts on the release of the remaining Chibok girls and full restoration of peace in the North-East.

SOURCE... PUNCH