Recession affected by mistake in constitution - Akinyemi

Former President Goodluck Joanthan hasbeen under fire for allegedly not having the political will to save public fund– Some of those who have constantly slammed him for this alleged error are President Muhammadu Buhari and Olusegun Obasanjo– Professor Bolaji Akinyemi, a former external affairs minister, has now revealed why it was difficult for Jonathan to actually saveA former external affairs minister, Bolaji Akinyemi, has revealed that the current recession facing Nigeria is the result of a major blunder in the country’s constitution.The Cable reports that Akinyemi was speaking on the independence day celebration when he made the revelation.Akinyemi said former presidents, Goodluck jonathan and Olusegun Obasanjo were affected by the mistake in the constitutionCriticising the poor saving culture of the federal government, Akinyemi advised President Muhammadu Buhari to stop blaming past administrations over the state of the nation and instead work towards correcting the defects.The report quoted the scholar as saying:“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.
READ ALSO: Recession: Shehu Sani warns of looming revolution“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 calledan 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 judiciaryand civilians who were all instrumental in midwifing that constitution.”According to him, the administrations of Olusegun Obasanjo and Goodluck Jonathanattempted to save, but were frustrated.He said it was unfortunate that some of the governors who kicked against the idea of saving for the rainy day are now part of the current government of Muhammadu Buhari and even occupying major positions.
READ ALSO: FG spends N720.5bn on Nigeria’s economic recessionHe said:“Serious attempts were made by both the Obasanjo and Jonathan administrations to put in place savings through the backdoor such as Excess Crude Accounts and the Commonwealth Savings Funds.“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 attemptsto 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 settingup 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 percent 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.

READ ALSO: Lawmaker demands Oyegun’s resigation for losing polling unit“This is the way forward and goes beyond name calling and the blame game.”