SWITZERLAND, MAY 23 – Nigeria has taken another step towards attaining fiscal federalism after president Muhammadu Buhari on Friday, signed an executive order to grant financial autonomy to legislature and judiciary at state levels.
The president announced the development himself via a series of tweets seen by Today’s Echo’s correspondent.
“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 administration will continue to do everything to strengthen the principles and practice of democracy and democratic governance in Nigeria,” Buhari declared, after signing the order.
Fiscal Federalism attempts to define the division of governmental functions, and the financial relationship between, different levels of government, usually how federal or central governments fund state and local governments. Indeed many political analysts have argued that the adoption of fiscal federalism will fast track development in the country.
“Nigeria needs to grant more financial autonomy to the state governments to decentralize our fiscal operations and increase efficiency. This is a move in the right direction,” a political analyst told Today’s Echo.