Restructuring should be driven by economic viability – Adesina

The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, yesterday said the agitation for restructuring should not be driven by political expediency but by economic viability.

He spoke after receiving the 2023 Obafemi Awolowo Prize for Leadership in Lagos, where he asserted that: “Economic and financial viability are the necessary and sufficient conditions for political viability,” he said.

Adesina stated that Nigeria needs true federalism, fiscal decentralisation and accountability to address the economic and socio-political challenges facing the country.

He said to get out of the economic quagmire, “there is a compelling need for the restructuring of Nigeria.”

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He also urged sub-national governments to take their rightful place, saying, “States have tremendous potential to become even more financially autonomous through greater fiscal prudence.

“If states focus on unlocking the huge resources they have, based on areas of comparative advantage, they will rapidly expand wealth for their people.”

“Today, therefore, there is a greater need for e-governance systems to enhance transparency and accountability of governments in service of the people.”

President Bola Ahmed Tinubu, represented by Vice-President Kashim Shettima, described the late Awolowo as a compass and guiding light for several generations of leaders.

He congratulated Adesina for clinching the 2023 Obafemi Awolowo Prize for Leadership, describing the former Nigerian Minister of Agriculture as a “maverick change-maker who has not only flown our flag all over the world but has dazzled the world with the novelty of his thoughts, indispensability of his ideas, and dynamism of his actions.”

The award presentation was attended by former Head of State, General Yakubu Gowon, former President Olusegun Obasanjo, former President Goodluck Jonathan, former Vice President Namadi Sambo, President of the United Republic of Tanzania, Samia Suluhu Hassan; former Commonwealth Secretary General, Chief Emeka Anyaoku, Chief Ayo Adebanjo and some state governors.