fbpx

info@lawreporterslive.com

22.1 C
Abuja
Sunday, July 25, 2021

To fix Nigeria’s economic mess, we must change constitutional foundations – Moghalu

Must read

Court temporarily halts re-trial of Orji Uzor Kalu over alleged N17.1bn fraud

A Federal High Court in Abuja has ordered the re-arraignment of former Abia State Governor, Orji Uzor Kalu in an alleged N7.1bn money-laundering charges...

Ayade swears in Justice Akon Ikpeme as Cross River Chief Judge

Twice rejected by the State House of Assembly for being a security threat Justice Akon Bassey Ikpeme was on Monday sworn-in by Cross River...

Court orders forfeiture of Yari’s N284m to FG

A Federal High Court in Abuja on Tuesday ordered a final forfeiture of about N284, 306, 294.04 linked to a former governor of Zamfara,...

Court reverses dismissal of 3 police officers, orders recall

Justice Elizabeth Oji of the Lagos Judicial division of the National Industrial Court has nullified the purported dismissal of Mufutau Olaosun, Temitope Adebayo, and...

The 2019 presidential candidate of the Young Progressive Party (YPP), Dr. Kingsley Moghalu, says Nigeria’s economic woes will continue until the nation’s polity is restructured.

The former Deputy Governor of the Central Bank of Nigeria (CBN) noted that Nigeria’s overdependence on disappearing oil revenue was unsustainable.

He stated this in a tweet on Tuesday, in apparent reaction to Finance Minister, Zainab Ahmed’s comment that the nation’s revenue had dropped by 65 percent.

She added that this drastic drop compelled the Federal Government to end fuel subsidy in the country.

This followed another announcement by the Debt Management Office (DMO) that Nigeria’s total public debt stock now stood at N31 trillion.

According to the government agency, the public debt stock increased by about N2.38 trillion, or $6.593billion, as of June 30.

Reacting, Moghalu said the nation’s constitutional foundations must be rejigged to end its economic mess.

The economist said a truly federal constitution would incentivise the component units to generate wealth rather than rely on the centre for hand-outs.

Moghalu wrote, “Nigeria’s economic mess can’t be fixed without changing our constitutional foundations.

“The 1999 Constitution mandates us to “share” a vanishing cake (crude oil revenues).

“A new, truly FEDERAL constitution will set up real incentives to produce and create wealth. #Restructuring”

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Court temporarily halts re-trial of Orji Uzor Kalu over alleged N17.1bn fraud

A Federal High Court in Abuja has ordered the re-arraignment of former Abia State Governor, Orji Uzor Kalu in an alleged N7.1bn money-laundering charges...

Ayade swears in Justice Akon Ikpeme as Cross River Chief Judge

Twice rejected by the State House of Assembly for being a security threat Justice Akon Bassey Ikpeme was on Monday sworn-in by Cross River...

Court orders forfeiture of Yari’s N284m to FG

A Federal High Court in Abuja on Tuesday ordered a final forfeiture of about N284, 306, 294.04 linked to a former governor of Zamfara,...

Court reverses dismissal of 3 police officers, orders recall

Justice Elizabeth Oji of the Lagos Judicial division of the National Industrial Court has nullified the purported dismissal of Mufutau Olaosun, Temitope Adebayo, and...

Court acquits lawyer of stealing N50.2m from Domino Stores

An Ikeja High Court on Wednesday acquitted a lawyer, Yetunde Sousa, accused of stealing N50.2Million from Dominos Stores and Ozone Cinemas. Delivering judgment, Justice Raliat...