A public policy analyst, Mr Polycarp Onwubiko has faulted the claim of the Minister of finance, Mrs Zainab Ahmed that Nigeria economy has been diversified.
He said diversification of the Nigeria economy is inextricably interwoven with the Restructuring the Federation.
Onwubiko was reacting to the Minister’s statement in the media that, “In aggregate, 22 percent projected revenue is expected from oil-related sources while 78 percent is to be earned from non-oil sources which implied that the federal government has fully diversified economy in Nigeria.”
He explained that the comatose economic, health and other sectors was due to the centralized governance template which violated the principles of federal system of government.
He said, “If the Federation is restructured with the six geopolitical zones as Federating Units, the vast mineral and natural resources will be explored and exploited by the Federating Units as Regional Governments to create massive employments, wealth and rescue Nigeria as the world capital of poverty.
“Restructuring governance would lead to abrogation of federal laws that prevent the state governments from exploring and exploiting natural and mineral resources that abound in great quantities in the respective geopolitical zones which are not tapped because of the constraining federal laws like Railway Act, Electricity generation and other sectors which are better operated by the sub national governments to create wealth and alleviate poverty.”
Onwubiko urged federal government to take steps to restructure the lopsided federation to create competitive federalism as was the case in the First Republic when there was massive employments and good standard of living.