Friday, April 17, 2020 / 08:46 PM / Nifemi Taiyese for WebTV / Header Image Credit: WebTV
Managing Editor Proshare Nigeria Limited, Mr. Teslim Shitta Bey, charged that Nigeria should be run with a more disaggregated approach to fiscal management as well as certain other areas of social management because of the complexity of the system and diversity of the economies of various states in terms of revenue sources of these states, as well as the culture of the people. He made this statement in an interview with WebTV's Market Review Program.
He also called on the state governments to engage one another because of the need to legally and physically re-adjust the way the country is being governed, which should be focused on the premise of agreement amongst states.
The financial analyst noted that governments in various regions need to come together and adopt a comprehensive regional approach towards solving some of the challenges, because of the trade and personnel movement between various states such that what affects one will affect the other.
The best practical approach is to get the state governments to come together and adopt a regional strategy that fits into a broad national agenda to achieve specific objectives moving forward, he emphasized.
He called on all the states of the federation to re-think the economy and processes of generating income.
"we need to be forward
thinking and forward-looking to respond to a post COVID 19 reality"
To ensure greater amount of systemic liquidity, Shitta-Bey opined that if there are assets that are not generating economic value to the benefit of the state treasury then such assets should be sold off and funds re-invested in other opportunities within state borders that will generate a stream of cash flow to benefit the lives of the citizens of that state.
He addressed the loop of employment, income and taxes and highlights the need to integrate the loop strategically.
Shitta Bey implored states to improve liquidity and invest in strategic assets that generate sustainable cash flow for the state.
He opined that as a nation, there is need to streamline public service, upscale the quality of human capital within each state and provide them with the resources to stimulate private entrepreneurship.
There is need to re-think federation, sub-nationals and ensure that efficiency, effectiveness and value proposition are at the center of governing the state, also the government of a state needs to use resources of that state in an efficient manner to ensure there is a return on the resources that were generated by the state, he said.
Proshare's Managing Editor called for new ways of improving state and local government revenue to achieve their maximum potential.
Shitta Bey raised the question, "are we mentally prepared to think about the future, and if we are, are we mentally prepared to design a path to that future and pursue the path rigorously?".
As far as Shitta Bey was concerned, states need to leverage their assets, securitize the assets and turn them into tradable instruments that generate income and economic value to other states, the nation and investors in general.
He urged each level of government to articulate clear ideas that are rational, sustainable and attainable that will ultimately benefit the citizens as they pursue state development agendas in an integrated and sustainable manner.
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