Getting Back to the Economic Brass Tacks

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Subject: Getting Back to the Economic Brass Tacks

THE BUSINESS of GOVERNANCE

Newsletter No 83 | February 2024

Hello Friend,

How are you coping with the challenging times we are facing? I must begin this newsletter by saying that I understand how tough things are out there, which is why I have titled this newsletter “Getting Down to the Economic Brass Tacks.” At a time when everyone is postulating and trading blame, it is imperative that we stick to the real issues.

Just yesterday, the Senate President was quoted as saying that “unverified reports” show that State Governors have received an additional 30 billion Naira from FIRS outside statutory allocations in the last few months to address food security.

In direct response to the Senate President’s statement, I can speak for Oyo State as the Governor, and other States as the Vice Chairman of the Nigeria Governors’ Forum, when I say that no such payment was ever received. In fact, what has happened is that of the 5 billion Naira that was announced by the Federal Government last year for State Governments, Oyo State has only received 2 billion Naira. Also, contrary to the agreement, the Federal Government is already asking for the money to be refunded.

Secondly, let me clearly state that the Federal Inland Revenue Service (FIRS) cannot give money to any State Government. All revenue accruing to our nation goes into the Federation Account and is distributed to all three tiers of government. The Federal Government does not give States money. The money in the Federation Account belongs to the three tiers of government.

Stanley Nwabali, Super Eagles Goal Keeper

I have said this before, and I will repeat it again: this is not the time to play politics. This is the time to get the thinkers of this country to come up with solutions that will take us out of the doldrums. The Peoples Democratic Party (PDP) has shown good faith towards the Federal Government by supporting policies that benefit our people, such as the removal of fuel subsidy. However, we will point out that some people are trying to divert attention from the real issues by peddling political half-truths and untruths.

As stated in a recent press release, PDP Governors are not interested in political solutions to Nigeria’s pressing issues. As sub-nationals, we are focused on bringing development to our people, growing our economies and providing interventions where possible. That is why, on 17 and 18 April 2024, Oyo State is hosting an International Tourism Summit tagged #ITSOyoState2024. Given the recent trends in global tourism post-COVID-19, our historical and cultural antecedents that date hundreds of years and our abundant natural tourist sites, including hosting the only other hanging lake in the world, Oyo State has what it takes to compete with other cities in the world offering experiential tourism.

Therefore, investors worldwide are invited to join us at the International Conference Centre, University of Ibadan, Oyo State, to come, see, enjoy and invest in Oyo State. Follow this link to register.

My promise to the good people of Oyo State remains that we will continue to do everything in our power to help you through these hard times. We have been implementing our Sustainable Actions for Economic Recovery (SAfER) programme since last year, and we are already making plans to extend it while at the same time extending the wage award to civil servants and pensioners by another six months.

I wish we all remain focused on solutions.

Talk to you again soon.

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Subject: Getting Back to the Economic Brass Tacks