Chimaraoke Obi supporting Success for All.
2 November at 03:29

THE COMBINED THOUGHT OF THE FEDERALIST AND THE PROPONENT OF RULE OF LAW ON FISCAL FEDERALISM !

Fiscal federalism entails devolution of power amongst component units of a federation.Otherwise it is a delegation of appreciable level of economic responsibility and corresponding political power to quasi-independent regions of a given country to effectively carry out their obligation without legal bottleneck.In a system of fiscal federalism the central government becomes weaker with a delimited scope of jurisdiction which constitutionally points toward engagement in foreign relations,protection of territorial integrity among others.Whilst the federating units occupy themselves with matters of internal affairs,such as regional security,economic initiative and development,political education of the citizenry,as the clear-cut residual power and exclusive list of the respective tiers of government not only make for wider outreach of political participation but foster equitable distribution of national wealth and income across population of the federation.And above all fiscal federalism expedites diverse regional economic growth and industrialisation.Then it is at the stage of exploitation of natural resources and the attendant socio-economic boom,however the central government is mandated by federal law to tax the subordinate regions according to their individual strength of fiscal and economic production,to this effect,royalty is paid to the coffers of the federal government.Hence,the imposition of tax is the major source of revenue generation of the government at the centre.To sum up my thought on this subject,it is pertinent to point out that Nigeria is a pseudo-federation,that is "quasi-federalism".And it is of no value and never the ideal system.

"Due to absence of justice and peace,the African leaders sleep with one eye open and often wake on the wrong side of the bed"