Restructuring Must Be  an Issue in 2019 Elections, Says  Soludo

  • Restructuring is progressive politics and excellent economics•

Former Governor of the Central Bank of Nigeria (CBN),Prof. Charles Chukwuman Soludo has said that Restructuring must be a strong issue in the forth coming 2019 elections as it is the foundation plan for Nigeria’s future prosperity without oil.

Soludo said this in Lagos on Wednesday  while delivering  a lecture on the theme: “The Political Economy of  Restructuring The Nigerian Federation” organised by Ndigbo Lagos Foundation.

“Restructuring ought to be on the ballot in the 2019 and future elections. Put differently, 2019 elections ought to partly be a referendum on restructuring.

“To be credidle, politital parties  and candidates  need to spell out the specifics of the restructuring they offer. We need to elevate the debate beyond pedestrian manifestoes that doesn’t add up,” he said.

According to him, restructuring is not just a political agitation but it is the foundation plan for Nigeria’s future prosperity without oil.

The Prof of Economic explained that, “the contradictions of the old, oil-based economy vis-avis the population and geographical pressures are swirling and the challenge of a new institutional framework to lead the emergence of the new ecnonomy is urgent.”

One of our key messages therefore, he said,  is that “restructuring is not only progressive politics but also excellent economics’.

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Speaking further, Soludod said, “we have a choice of a pre-emptive, proactive action to orchestrate a new productive (rather than sharing/consumption ) structure or wait until change is forced upon us in a most chaotic manner.”

He added that the 2019 election is around the corner and what I see so far in the arena is largely theatre and little substance. Politicians are busy negotiating for personal positions but hardly anyone is negotiating for the future of Nigeria

As a former CBN Chief, Soludo lamented that Nigeria has hundreds of MDAs (Ministry Departments and Agencies) with over bloated staff multiple states and local governments.

For this reason, he said, Every kobo Nigeria earns from sale of oil goes into recurrent expenditure, that is paying of salaries and allowances.

“Every dollar Nigeria spends on capatal project is borrowed,” Soludo said.

Chairman of the ocassion, Chief Emeka Anyaoku said in his opening remarks that Nigeria’s multiple nationality and ethnic groups shoud be a blessing and not a curse because we can harness the advantages and strength of various sides for development of the nation, adding that ethnicity and ethnic ties should not be a threat to a country’s existence.

“All over the world, there are thriving pluralistic countries where individuals have complementary loyatly – loyalty to country and loyalty to ethnic group. India and Swizerland are good example. Nigeria should seek to nemulate them”, he said.

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The former Secretary General of Commonweath expalined that Nigerian seek a country where all citizens will be treated with equality and justice, where difference cultures and ethnic groups live together.

He added that Nigeria should provide the system where individual are given full participation and sense of justice and that without restructuring the country is doomed.

“As a former Commonwealth Head, I have overseen the development of over 50 countries and  only through restructuring   that each country leapfrog their country to productivity,” Ayaoku said.

He advised that Nigeria can achieve political Unity, economic prosperity by restructuring, adding, “I do not see how the country would avoid becoming a failed state with the current structure.”

The event was attended by eminent personalities from Igbo nation.


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