A retired financial expert with the Central Bank of Nigeria (CBN), Chief Samuel Oni, has advised state governments to assist local councils with the enabling environment to promote long-term grassroots economic development.
Oni gave the advice during an interview with newsmen on Thursday in Egosi, Oke-Ero Local Government Area of Kwara State.
He called for an urgent review of some state governments’ economic development mechanism in alignment with the nation’s economic realities to accelerate growth at the third tier of government.
“It is a matter of fact that most local government areas across the country presently wallow in poor financial and un-impressive economic standard.
“They (the councils) lack the economic capacities to exercise their constitutional responsibility of adding value and improving the living standard of the people at the grassroots.
“The state governments, in order to assist the councils’ administration, feel the impact of the budget and other accrued allocations, need to urgently review their economic mechanism in that direction, “ he said.
Oni, who stated this against the backdrop of recent reports that the nation’s economy had moved out of recession, added that such mechanism review should align with budgetary provisions.
The financial expert decried the dwindling economic fortunes of most local government areas across the country, saying that the development was a stumbling block to government‘s rural integration drive.
Oni said the call for review of state governments’ economic mechanism was to facilitate a regime of sustainable economic development plans in partnership with the local councils to achieve success.