Sanusi to Fubara: Choose between 13% allocation legacy or viable economy for River

Former governor of the Central Bank of Nigeria (CBN) Muhammad Lamido Sanusi has charged Governor Siminalayi Fubara of Rivers State to choose between a legacy of 13% derivation or a viable economy that would launch the state to one of the best economies in Africa.

This is as Sanusi who arrived the venue of the Rivers State Economic Summit merely as 14th emir of Kano, left the hall as the substantive Emir of Kano, a development that stirred huge roaring applause in the Obi Wali International Cultural Centre in Port Harcourt. He has received warm congratulations from the host governor, Sim Fubara, for finding such favour while in Rivers State.

Sanusi told Gov Fubara to think of a legacy but urged him to choose to transform the economy and give the state an economic standpoint to compete in Africa, rather than the craze for roads and bridges.

He said; “It is therefore not enough for us to want to bring investors or achieve economic development in Rivers State, we have to lay some foundations for the economy to stand firm. What kind of state does His Excellency want to leave after his tenure: Federal allocation? The 13% derivation? Or a viable state or commercial industrial hub which provides decent life to all citizens?

The former CBN boss also said sitting on oil is not enough for a state or nation because even if we dig up all the oil reserves, sell them, share the money out, it would still not make Nigeria a wealthy nation. He said roads and bridges would decay and call for more spending.

He said the key is about developing a strategy to create sustainable wealth and keep every youth engaged economically.

He went on: “Embrace innovation, create capacity of institutions to manage the sectors of your economy.

He said leadership, not oil, is cursed. He named countries that became global powers with natural resources. Infrastructure, he said, is not everything, but policies and programmes that create wealth.

He warned governments not to think of taxing Nigeria to wealth, saying it is growth that you tax, not income. “Tax is important, broadening the tax net is important, having a tax net is important, but taxes must be streamline, must be sensible, and we must tax growth and not income.”

Sanusi made reconditions for Rivers State to become a big economic player. “The key to development is human capital. Investing in the people is paramount. Rivers State needs robust education and skill training programmes that are essentially aimed to prepare it’s youths in the future workforce.

“Reform the primary and secondary schools, colleges, polytechnic and universities to become real incubation centres that produce engineers, technicians and artisans that provide an efficient workforce for Rivers State and to produce and retain medical doctors that works class healthcare for residents in the state so that no one had to travel abroad for treatment.

“For technological advancements the regulatory and physical possibility.

|The third is the legal and judicial system and efficient legal and Judicial system is vital for economic growth, enhancing the system deficiency effectiveness can be achieved through ADR and expedition and equity dispensation of justice and law reform.”

He said a productive criminal justice scheme that promotes Obedient of law and other or make Rivers a sustainable business environment is very important.