…vows to remove oil revenue from govt budget

TETFund from Education Ministry

Soni Daniel & Emma Ujah

The Presidential candidate of the Social Democratic Party (SDP), Prince Adewale Adebayo, has described insecurity as Nigeria’s most embarrassing and annoying problem.

Speaking with editors and Abuja Bureau Chiefs, in the nation’s capital, yesterday,  he said that there “seems to be a convergence of those undertaking insurgency and those charged with the responsibility of stopping it.”

He said that there was no justification for the continued insecurity in the country,  given the huge funds allocated to the military to prosecute the war against terrorists and bandits.

According to Prince Adebayo, “80 percent of the times, the solutions are obvious  but the special interests won’t let the solutions to be applied.”

He added that the nation’s security challenges needed good governance and not foreign intervention.

His words, “All that Nigeria needs is not foreign intervention but good government.  A good government will not allow its people to be killed constantly and do nothing about it.

“If we have a good government that understands our diversity and will be above sectional interests, everything will fall into place.”

On the economy,  the flag bearer said that if voted into power in the forth coming elections,  he would eliminate oil revenue from the federal budget.

According to him,  depending on crude oil revenue is a lazy mentality and a serious government should look elsewhere for revenue, rather than depending on crude oil , without adding any value.

He said, “Depending on oil is only a lazy mentality.  If voted to power, I  will remove oil from the federal government budget.

I will put oil revenue into a fund to be managed  by the private sector and where it will yield income.

“I will concentrate on productivity.  I will start micro-industralisation in which various states can take advantage of sectors where they have comparative advantage.

“I will make sure that there is a clear distinction between the government and the Central Bank of Nigeria.   I will not allow a situation where government can always go to the CBN to ask for loan. The CBN should be autonomous and stand firm like when Clement Isong refused to give General Yakubu Gowon money to prosecute the  Biafran War. 

“I will eliminate the variance between the official and the parallel market rates of the foreign exchange.  Why am I going to do that?  It is an opportunity for criminality. “

According to him, with additional 12 per cent tax revenue , the country would easily pay its debts, as according to him,  “debt is not our problem.   Our problem is failure to raise revenue.”

On the current strike by the Academic Staff Union of Universities (ASUU), the SDP candidate said that he would remove the Tertiary Education Trust Fund  (TETFund) from the Ministry of Education and hand it over to a Governing Council of intellectuals and private sector operators, who would fund  the universities directly.

Prince Adebayo said that the establishment has ran out of ideas and that it was time for Nigerians to show them the way out government.

He described Buhari as the last card of the establishment and that with the failure of the current government, the establishment had nothing more to show to Nigerians as reason for holding to power.

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