Benin City – Lagos State Governor, Akinwunmi Ambode has flayed state governments over dependence on the federation account for running their affairs instead of exploring other means internally to generate funds for self-sustainability.
Ambode made this declaration while delivering a convocation lecture titled, “Recession: Challenges and Recovery Prospects” at the Wellspring University, Benin City, Edo State.
Represented by his Commissioner for Finance Akinyemi Asahde, Ambode maintained that the nation is blessed with abundant human and natural resources which trickle down to the states saying when properly harnessed, would lessened the burden on the federal government and make the components states economically viable.
“The current focus on the center for the economic sustenance of states is not sustainable. Each states or perhaps more appropriately, regions must figure out its own economic path by focusing on the areas it has comparative advantage and developing it. This calls for hard work by the state governments and thinking outside the box.
“We cannot have a stable economy when the states are not independently viable. Luckily, we are blessed in this country where arguably every state of the federation is endowed with natural resources that can make it self-sustainable.
“Regional collaboration should also be encouraged, a good example is the collaboration between Lagos State and Kebbi State to produce Lake rice which is currently being sold in the market,” he said.
Ambode said that the nation was plunged into recession following the incessant vandalization of oil facilities by militant and the over concentration on crude oil as a major source of revenue instead of diversifying the economic.
“This is was the direct consequence of significant economic headwinds following the adverse shock to the oil price that started since mid 2014 and more recently significant production shortages following pipeline vandalism in the Niger Delta region and because oil is the may revenue base of the government, the entire system went into comatose”, he said.
He reiterated that there are indications that the nation is gradually moving away from recession but its citizens must not relax as it is not yet there but should do everything possible to sustain the progress achieved thus far.
He pointed that if much effort is not intensify to sustain the progress made so far there is possibility for the nation to fall back to economic recession as there is need to strengthen the current Vista.
Earlier, the Vice Chancellor, Professor Obi Ikediugwu in his opening remark said the lecture was timely considering the current economic situation of the country. He urged the students to internalize what they have been taught in the lecture.
Professor. Patrick Igbinovia, Dean, College of Social and Management Sciences and Chairman of the convocation ceremony noted that the Lagos State Governor, Mr Akinwunmi Ambode has made his marks in governance and worthy of emulation thereby urges the students to see a better future ahead of them despite the immediate challenges posed by the recession.
