The Chairman of Nigerian Bar Association (NBA), Onitsha branch, Mr. Ikenna Chibuzor has urged the federal government to review the nation’s Constitution as a measure to tackle the current economic recession.
Chibuzor, who gave the advice in an interview with newsmen in Onitsha on Tuesday, said the Constitution should be amended to reflect true federalism.
He said Section 162 of the Constitution which makes the component states rely on the federal government for revenue and sustenance should be reviewed or amended.
He said: “The federal system of government that we practice now is more or less a unitary system of government.
“And because of that, when the center has problem, it affects the entire section of the country.
“If given the opportunity to develop on their own, the states’ revenue and derivation from their areas will help to grow the economy,” Chibuzor said.
The chairman urged the Federal Government to promote consistency in policies because its absence may make investors lose interest in the country.
According to him, a system whereby a government comes in and because they don’t belong to the same political party or ideology, they overhaul the system.
The lawyer said such move creates fear in the minds of investors in the country which was not helpful.
He said there was the need to coordinate the fiscal and monetary policy, adding that improving on the monetary policy alone would not encourage growth in the economy.
“There will be need for us to have experts in government to marry the economic and fiscal policies; there has to be liaison between monetary and fiscal policy.
“No amount of money pumped into the economy that will solve the problem unless we reduce our dependence on foreign goods.
“Most of the things we have including things we can produce are all foreign,” he added.
He said the banks should be made to lend to local entrepreneurs rather than to importers of foreign goods who are believed to make more money for repayment of loan.
On the issue of national assets, Chibuzor said President Muhammadu Buhari should rather intensify efforts on his war against corruption as the sale of assets will give opportunity to investors to exploit the masses the more.
“Corruption will make it difficult for the Federal Government’s intention to be realized if they decide to go ahead with the sale.
“Those assets are the pride of the nation; selling them will have great impact and social implications on the masses,” the chairman said.
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