Buhari signs executive order

Restructuring Looms As Buhari Signs Bill On Financial Autonomy Of State, Legislature, Judiciary

In an unexpected move, President Muhammadu Buhari has signed Executive Order 10 of 2020 which grants financial autonomy to State Legislature and State Judiciary in the country.

Buhari signs executive order

In this regard, the state, Legislature and Judiciary can solely run financial tansactions independently without any query or intervention by the Federal Government.

The President made the announcement on Twitter, he said,

Based on the power vested in me under Section 5 of the 1999 Constitution (as Amended), I, today, signed into law Executive Order No. 10 of 2020 for the implementation of Financial Autonomy of State Legislature and State Judiciary.

This latest development and move by Mr. President has been greeted with much approval by Nigerians who are glad the president is living to fulfill his promises to the nation. His move also sees the discussions of restructuring which will be discussed below,




Restructuring has to do with the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs.

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With the recent ongoing cry for the restructuring of Nigeria, here are top ten things that would happen if Nigeria is restructured.

1. No More Federal Allocation:

The normal trend of states waiting to receive allocation/ “oil money” from the federal treasury will become a thing of the past.

2. States Will Control Their Resources:

The various states in Nigeria, will be in full control of their resources. Take for instance, Enugu; the coal producing state will be in full control of how coal is mined, transported and exported without the interference of the federal government. The federal government will play it’s role by ensuring the coal mining follows due procedure.

3. Less Power in Abuja:

Currently, Nigeria runs a very a expensive government because of the centralized power in Abuja. If Nigeria is restructured, power no longer rests solely in Abuja, but is shared equally among states. This implies that states can have their own separate laws guiding them.

4. State Policing Will be Made Possible:

Imagine a Nigeria with a police force bearing the name “KAPD” standing as Kano State Police Department. The various states in Nigeria will be able to be in full control of their military; with Abuja overseeing them all.

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5. Government Workers will be more serious:

Restructuring this country, is sure to make civil servants serious in carrying out their responsibilities as there would be competition among states to have the best output.



6. Unemployment Reduction:

Restructuring Nigeria will reduce the rate of unemployment; because the 36 states with mineral resources will begin to explore and harness their resources leading to a new era of utilization of these human and mineral resources.

7. Increase in Healthy Competition:

Nigerian states without good healthcare, schools and public infrastructure will begin to work hard to provide such, so that they can be seen as good among their counterparts. For instance, if a state is not doing well in providing quality education; and sees people leaving the state for other states that state can decide to work hard to improve the education infrastructure to see that it competes with states with the best education.

8. Less dependence on Oil:

Due to the fact, that states now control their resources, crude oil will no longer be the main source of revenue for the country; leading to the increase in diversity in revenue generation. Some states could go into manufacturing, some into real large scale Textile making, some into full time agriculture.

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9. General Development:

The country will generally develop. Each state will be responsible for the improving a key sector of the economy leading to massive development.

10. Nigerian crude oil could lose value:

With the dwindling price of oil, and the growing concern about carbon poisoning caused by crude oil, the world is moving toward a green environment. Hence, revenue generated by oil in the south south of Nigeria will make little or no sense in the international markets in the nearest future. By 2020, many countries in Europe will begin the use of electric vehicles.

 

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