Olalekan Adetayo, Abuja

In order to cushion the effect of the harsh economic situation in the country, Osun State Governor, Rauf Aregbesola, has called for the review of the current revenue sharing formula to push more resources to the states.

Aregbesola made the call during his presentation at the economic retreat organised by the National Economic Council on Monday and Tuesday last week.

Our correspondent exclusively obtained a copy of the paper on Sunday, which was presented behind closed doors at the two-day event with the theme Nigerian states: Multiple centres of prosperity.

The governor regretted that the nations economy had increasingly worsened over the last three years.

This, he said, was caused by dwindling crude oil revenue globally.

He noted that the inflow of global wealth into oil-producing countries fell from $1.2tn in 2013 to N400bn in 2015.

All the three tiers of government are affected. We are facing a national financial crisis, the governor said.

In offering solutions to the current challenges, Aregbesola listed three perspectives to be considered. They included what he termed inter-governmental relations, interstate relations and regional competitiveness.

Under inter-governmental relations, the governor called for a review of the current revenue sharing formula to push more resources to states; federal-state governments collaboration on infrastructure; prompt repayment of states for federal roads; Federal Government-led public sector reforms which include reduction of cost of government and optimisation of civil service.

He noted that Osun State was currently being owed over N5bn in Back Duty Taxes.

Under interstate relations, Aregbesola called for economic collaboration among contiguous states with socio-cultural affinities and similarities.

He said such states could explore economies of scale, regional optimisation of assets and endowments as well as mitigation of afflictions and troubles.

The governor listed areas of collaboration to include transport infrastructure, education, market development, human capacity building as well as security and intelligence sharing.

On regional competitiveness, the governor said monopoly should be discouraged to enhance national economy and shared prosperity.

Also in tackling the current economic realities, Aregbesola stressed the need to demonstrate courage, character and leadership.

He added that there was the need for adequate mass mobilisation of Nigerians towards national economic recovery.

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