Yemisi Izuora
The President of the African Development Bank Group (AfDB), Dr.Akinwumi Adesina, has pointed out the urgent need for Federating State’s in Nigeria to diversify revenue sources and build on infrastructure.
Akinwumi added that the restructuring of Nigeria should be driven by economic and financial viability.
According to the AfDB President, these parameters are necessary for political viability.
Adesina stated this while delivering a public lecture in Akure, the Ondo State capital on Tuesday, February 23, titled ‘Toward a New Nigeria From Federal Fatherism to a Commonwealth’ which was delivered virtually.
Adesina 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 the crude oil exports.
The AfDB President also called for a better way of supporting states in financing critical infrastructure.
He charged states to focus on turning their resources into wealth, based on their areas of comparative advantage.
Adesina suggested that resources in each state should be managed by the States; while they pay federal taxes and royalties to the Federal Government.