Bolaji Akinyemi, former minister of external affairs,
says an “unforgivable oversight” in the constitution
is the reason Nigeria does not have the funds to fall
back on in such a critical period.
In a speech he delivered on Independence Day,
the erudite scholar blamed the federal government
for its poor saving culture.
He said rather than blame past administrations,
the government of President Muhammadu Buhari
should working towards correcting the defects.
Responding to the harsh criticisms directed at
past leaders, Akinyemi said: “Those of them who
have refused to retire into graceful silence
deserve the return brickbats they get.
“It is thoroughly misleading to isolate and
demonise past regimes for the situation where
Nigeria has no savings.
“The fault is in the 1999 constitution (section
162) which makes it mandatory for all monies
collected by the federal government with a few
exceptions to be deposited into a central account
and to be distributed among the federal, state
and local governments. No provision was made
for savings. This, with considerable charity, can
only be called an unforgivable oversight.
“If we have to lay blame, it should be at the door
of those responsible for the 1999 constitution.
This does not mean General Abubakar Abdulsalam
alone, or the military regime alone, but includes
elements of the judiciary and civilians who were
all instrumental in midwifing that constitution.”
He added that the administrations of former
Presidents Olusegun and Goodluck Jonathan
attempted to save, but were frustrated.Akinyemi expressed concern that some of the
governors who opposed to the laudable idea were
now occupying powerful positions in government.
“Serious attempts were made by both the
Obasanjo and Jonathan administrations to put in
place savings through the backdoor such EXCESS
CRUDE ACCOUNTS AND COMMONWEALTH
SAVINGS FUNDS,” he said.
“Both were frustrated by the states and the
judiciary. The irony in Nigerian history is that
some of the state governors who spearheaded the
opposition to the attempts to save are now
prominent in the cabinet and the senate.
“What previous administrations failed to do and
which the present Buhari Administration should
do is to single-mindedly drive a constitutional
amendment that would follow the Norwegian
model.
“The Norwegian experience involves setting up a
government pension fund global into which 100%
of the government’s revenue from royalties and
dividends are paid. In any one year, no more than
4% is allowed to be drawn from the account. The
Nigerian model, given our peculiar federalism, can
include a provision that any withdrawal from the
fund must be with a unanimous decision of the
members of the national economic council.
“This is the way forward and goes beyond name
calling and the blame game.”
Bolaji Akinyemi, former minister of external affairs,
says an “unforgivable oversight” in the constitution
is the reason Nigeria does not have the funds to fall
back on in such a critical period.
In a speech he delivered on Independence Day,
the erudite scholar blamed the federal government
for its poor saving culture.
He said rather than blame past administrations,
the government of President Muhammadu Buhari
should working towards correcting the defects.
Responding to the harsh criticisms directed at
past leaders, Akinyemi said: “Those of them who
have refused to retire into graceful silence
deserve the return brickbats they get.
“It is thoroughly misleading to isolate and
demonise past regimes for the situation where
Nigeria has no savings.
“The fault is in the 1999 constitution (section
162) which makes it mandatory for all monies
collected by the federal government with a few
exceptions to be deposited into a central account
and to be distributed among the federal, state
and local governments. No provision was made
for savings. This, with considerable charity, can
only be called an unforgivable oversight.
“If we have to lay blame, it should be at the door
of those responsible for the 1999 constitution.
This does not mean General Abubakar Abdulsalam
alone, or the military regime alone, but includes
elements of the judiciary and civilians who were
all instrumental in midwifing that constitution.”
He added that the administrations of former
Presidents Olusegun and Goodluck Jonathan
attempted to save, but were frustrated.Akinyemi expressed concern that some of the
governors who opposed to the laudable idea were
now occupying powerful positions in government.
“Serious attempts were made by both the
Obasanjo and Jonathan administrations to put in
place savings through the backdoor such EXCESS
CRUDE ACCOUNTS AND COMMONWEALTH
SAVINGS FUNDS,” he said.
“Both were frustrated by the states and the
judiciary. The irony in Nigerian history is that
some of the state governors who spearheaded the
opposition to the attempts to save are now
prominent in the cabinet and the senate.
“What previous administrations failed to do and
which the present Buhari Administration should
do is to single-mindedly drive a constitutional
amendment that would follow the Norwegian
model.
“The Norwegian experience involves setting up a
government pension fund global into which 100%
of the government’s revenue from royalties and
dividends are paid. In any one year, no more than
4% is allowed to be drawn from the account. The
Nigerian model, given our peculiar federalism, can
include a provision that any withdrawal from the
fund must be with a unanimous decision of the
members of the national economic council.
“This is the way forward and goes beyond name
calling and the blame game.”
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