BREAKING:1963 Constitution: The Southeast Economy Competed With Countries We’re Trying to Catch Up With—Sambo..….CONTINUE READING>>>>>>
Arise analyst Sumner Sambo has emphasised the importance of restructuring and how it relates to economic competition within Nigeria. He mentioned the 1963 constitution, which allowed regions to have control over a significant portion of the revenue they generated. He highlighted that during this time, the economy of the southeast was strong and competitive, comparable to other countries, often referred to as “ancient tigers,” which experienced rapid economic growth.
Speaking in an interview with Arise TV, Sambo stated that this system of fiscal federalism encouraged healthy competition among different regions of Nigeria, including the southeast. He added that due to changes in the country’s political and economic structure, competition has decreased, and many now rely on federal resources. Sambo suggested that a return to fiscal federalism, with regions controlling more of their resources and revenue, could help stimulate economic growth and competition in Nigeria, similar to how it was in the past.
According to him, “The issue of restructuring is something that is important. The 1963 Constitution actually made us to practice what people call fiscal federalism today. So you have 50% of whatever you produce, and then you send 50% to the centre because it made people compete together. That’s why the Ahmadu Bello Stadium, you go to the Cocoa House, and all those buildings, you could see Michael Okpara thriving. Do you know that the economy of the southeast was competing with a lot of the countries we’re trying to catch up with? Ancient tigers and all of that. But because we don’t do that, there’s no competition; people just wait for federal purse to be sent in, and then there’s a problem.”….CONTINUE READING>>>>>>
