Fiscal Federalism, Resource Control, and Restructuring in Nigeria: The Contending Issues (Published)
The dynamism and complexity of Nigeria’s fiscal federalism have occupied the front burner of academic and political discourse since the return to democratic rule. The discussion on Nigeria’s fiscal practice became necessary because it has created several crises threatening the continued existence and continuity of the Nigerian state. The desertion of true federalism in Nigeria has led to the neglect and marginalization of the Niger Delta region of Nigeria, where the country generates the bulk of its wealth through oil and gas exploration and exploitation. The Niger Delta region oil-producing states have been very vocal in their agitations for a fair share of the country’s wealth by the restructuring of the parameters for sharing and allocating the wealth of the nation located within their region. The agitations for resource control, it is believed, would make more resources available to the various states to ensure economic and social development. The protests have arisen for the reason that a more substantial portion of the nation’s wealth goes to the federal government at the detriment of the oil-producing states. The Nigerian federal government is yet to make any significant attempt to alter the status quo. No constitutional amendment is has been made to ensure the practice of true fiscal federalism in the country. This paper examined the debate and concept of fiscal federalism. It explores revenue allocation formula in Nigeria and the statutory role of revenue mobilization allocation and fiscal commission, the quest for resource control and Nigeria’s federalism, dimensions of resource control agitations by the Niger Delta region, and causes of the Niger Delta crisis. The paper concludes with some profound recommendations on the way forward.
The paper titled “Restructuring Resolving the National Question in Nigeria” x-rays the challenges befacing the country in the quest for national unity and integration. The study using content analysis and qualitative research through adoption of secondary data and oral interview found amongst others the divergent and often contradictory opinions of Nigerian elites on wide range of issues such as national structure, fiscal federation, national security to mention but few. The primordial character of the ruling class, poor governance at all levels as well as selfish disposition of elites as largely responsible for the loud demand for restructuring. The study therefore concludes that the centrifugal tendencies of Nigerian ruling class is responsible for the outcry for restructuring. The study recommended amongst others the strengthening of institutions and governance mechanisms and behavioural modifications of Nigerians.
Nigeria from colonial period through post colonial period has settled for federal system of government which allows for division of powers and jurisdictions among the levels of government that made up the federation. Overtime, there have been observable imperfections in the Nigerian federalism which have triggered protests, agitations and patriotic calls for restructuring of the system. On the basis of the foregoing, we commended as follows: that there should be devolution of more powers to the federating units in Nigeria; that fiscal federalism should be practiced to give room for resource control by the federating units and that the principles of federal character as enshrined in our national constitution should be observed in appointment and location of critical infrastructure across all sections of the country. This paper is a departure from this trend, orthodoxy is challenged by showing the nexus and interface between restructuring, social order, and development in Nigeria. Development is said to be a predictor that determines whether a country is progressing or not. A critical assessment of Nigeria’s development despite her abundance in human, natural and material resources reveals that the country is yet to achieve the desired expectations as clamored by her citizens. The objective of this study was to identify the challenges to development in Nigeria. In other to obtain data for the research, the work adopted qualitative research method through textual analysis. The findings of this study revealed that despite the country’s attempt to advance development, several challenges has posed a great threat to her progress. These setbacks range from imposition of politices on the citizens, lack of adequate human resources or capital to implement development plans/policies, corruption and lack of credible leadership among others. It recommended that accountability and transparency should be the country’s guiding philosophy in all her operations. Also once the identified limitations are tackled then development will be realized in the country.
The significance of project finance cannot be overemphasized as there is a paradigm shift in financing capital intensive projects by both private and public entities using project finance schemes as opposed to traditional corporate finance across the world. Unfortunately, a number of such projects are engulfed into financial distress at some point in their life cycles. In order to address this issue, this paper examined the elements of project financial distress, its major signs, sources, and as well as suggesting ways to eliminate these undesirable consequences. The methodology used is the critical analysis of empirical literature. Findings of this study provide basis for addressing financial distress conditions by restructuring financially distress projects. The findings also indicate that restructuring can be looked at in four broad dimensions notably; financial, asset, operational, and managerial