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”