Friday, April 17, 2020 / 08:46 PM / NifemiTaiyese for WebTV / Header Image Credit: WebTV

Managing Editor ProshareNigeria Limited, Mr. Teslim Shitta Bey, charged that Nigeria should be run witha more disaggregated approach to fiscal management as well as certain otherareas of social management because of the complexity of the system and diversityof the economies of various states in terms of revenue sources of these states,as well as the culture of the people.  He made this statement in aninterview with WebTV's Market Review Program.

He also called on thestate governments to engage one another because of the need to legally andphysically re-adjust the way the country is being governed, which should befocused on the premise of agreement amongst states.

The financial analystnoted that governments in various regions need to come together and adopt acomprehensive regional approach towards solving some of the challenges, becauseof the trade and personnel movement between various states such that whataffects one will affect the other.

The best practicalapproach is to get the state governments to come together and adopt a regionalstrategy that fits into a broad national agenda to achieve specific objectivesmoving forward, he emphasized.

He called on all thestates of the federation to re-think the economy and processes of generating income.

"we need to be forwardthinking and forward-looking to respond to a post COVID 19 reality"

To ensure greater amountof systemic liquidity, Shitta-Bey opined that if there are assets that are notgenerating economic value to the benefit of the state treasury then such assetsshould be sold off and funds re-invested in other opportunities within stateborders that will generate a stream of cash flow to benefit the lives of thecitizens of that state.

He addressed the loop ofemployment, income and taxes and highlights the need to integrate the loopstrategically.

Shitta Bey implored statesto improve liquidity and invest in strategic assets that generate sustainablecash flow for the state.

He opined that as anation, there is need to streamline public service, upscale the quality ofhuman capital within each state and provide them with the resources tostimulate private entrepreneurship.

There is need to re-thinkfederation, sub-nationals and ensure that efficiency, effectiveness and valueproposition are at the center of governing the state, also the government of astate needs to use resources of that state in an efficient manner to ensurethere is a return on the resources that were generated by the state, he said.

Proshare's Managing Editorcalled for new ways of improving state and local government revenue to achievetheir maximum potential.

Shitta Bey raised thequestion, "are we mentally prepared to think about the future, and if weare, are we mentally prepared to design a path to that future and pursue thepath rigorously?".

As far as Shitta Bey wasconcerned, states need to leverage their assets, securitize the assets and turnthem into tradable instruments that generate income and economic value to otherstates, the nation and investors in general.

He urged each level ofgovernment to articulate clear ideas that are rational, sustainable andattainable that will ultimately benefit the citizens as they pursue statedevelopment agendas in an integrated and sustainable manner. 

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