The President of the African Development Bank (AfDB), Akinwumi Adesina, has said that Nigeria needs true federalism, fiscal decentralisation and accountability to address economic and social political challenges facing the country.
Speaking after receiving the 2023 Obafemi Awolowo Prize for Leadership in Lagos, Adesina said democracy is more than the right to cast a vote.
Adesina said it is the right of citizens to hold governments accountable for improvements in their welfare.
He said: “Citizen accountability forums are needed in order to have a say in how their nation’s resources are being used and how their governments are performing.
“Governments must show concrete and transparent evidence of fiscal responsibility. Governments without citizen accountability become synonyms for democratic dictatorship.
“Today, therefore, there is a greater need for e-governance systems to enhance transparency and accountability of governments, in service of the people. That is what people-centered governance is all about.
“To succeed with much needed welfarist and people-centered policies across Nigeria, it is necessary to change the governance system and decentralize governance to states in order to provide greater autonomy.
“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.
“With such increased wealth, they will be able to access capital markets and secure long-term financing to fast-track their growth and development.
“States that adopt this strategy would have less of a need for monthly trips to Abuja for grants. Instead, part of their federal revenue allocations can be saved as internal ‘state sovereign wealth funds’.
“This can then be used as guarantees against borrowings from capital markets. In essence, they would be free from needing to exclusively rely on the federal government. To get out of the economic quagmire, there is a compelling need for the restructuring of Nigeria.
“Restructuring should not be driven by political expediency, but by economic and financial viability. Economic and financial viability are the necessary and sufficient conditions for political viability.”
Vice President Kashim Shettima said the country will overcome the current challenges. He said country survived Civil War and will also survive the economic challenges in the country.
Shettima said: “There’s hope for our nation. Yes there are challenges but these changes are surmountable and we will overcome them.”
In her welcome address, the Executive Director of the Foundation, Ambassador Olatokunbo Awolowo Dasumu, said today’s award represents a different phase of affirmation for Dr Adesina.
Dasumu said: “Dr Adesina epitomises and combines qualities of extraordinary leadership that are often rare to find: great visionary, incredible courage, the ability to take on huge and difficult challenges, extraordinary dedication and commitment to deliver programmes and policies that transform the lives of millions of people.
“These are some of the beautiful rainbow hues of the nominations that clinched this award for Dr Adesina. If any further proof was needed of his established place on the global stage, a quick glance around this hall would more than suffice. I congratulate him most sincerely.
“As I have stated during previous award ceremonies, in selecting winners, the Selection Committee places emphasis on characteristics of leadership and good governance that are in tandem with Chief Awolowo’s values.”
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 United Republic of Tanzania, Samia Suluhu Hassan and many governors and former governors.
