A financial expert, Mr. Nnemeka Obiareari, on Tuesday advised Nigeria to revisit the 1963 Republican Constitution for an improved and sustainable economy.
Obiareari, the Chief Executive Officer (CEO) of a private financial advisory firm, made the call in an interview with newsmen in Lagos.
“Revisiting the 1963 constitution will lead to fiscal federalism and some sort of autonomy as the various regions have to fund the organs of government from the funds derived from their domains.
“The idea where states and sub-national levels have to depend on the central government will not occur because their faith will be in their own hands,’’ he said.
He said that if adopted, the republican constitution of 1963would enable the various states and or constituent regions to compete and grow economically.
“Each state will have to harness the resources that it has that puts at comparative advantage in the zone where it is located and remit a percentage as tax to the central government.
“There is virtually no state in the country that is not blessed with natural resources that could be harnessed for the development of the country.
“The adoption of the constitution will go a long way toward addressing many of the civil unrest emerging in various parts of the country because our people will be engaged,’’ he said.