Dr. Fayemi of Ekiti State Investing in Sustainable Development as a Legacy to Behold

Dr. Fayemi of Ekiti State Investing in Sustainable Development as a Legacy to Behold kikiotolu news

By Segun Adebayo

“If you are the kind of person who is waiting for the ‘right’ thing to happen, you might wait for a long time. It’s like waiting for all the traffic lights to be green for five miles before starting the trip.” – Robert Kiyosaki

Every successive administration like to leave a legacy better than his predecessor. Legacy can be inform of physical structure, good and everlasting implementable roadmap or human capital development, a State without implementable developmental long, medium and short term sustainable development plan will be making a misplaced priority like Ekiti people witnessed in the last administration where huge sum of money which can change the fortune of the State was sunk to an uneconomically viable flyover while salaries and gratuities were not paid leaving the State workforce wallowing in abject poverty. Good legacy is not restricted to physical structure alone.

The notion that Ekiti lack the required capital to swim out of the poorest to prosperous State within the South West and Nigeria in general is far from the truth. This is erroneous believe. No doubt, developing a State like Ekiti with limited allocations from the Federal and Internally Generated Revenue in leaving a good legacy behind requires the capital that is not readily available, sourcing for such capital can be so tasking but summountable with the vision and determination as can be seen in the present administration of Fayemi.

Ordinarily, various sources of funding available to government sustainable development plan can be from direct allocations from the Federal government, Internally Generated Revenue, direct taxes which are paid by households and companies to the government or other public agencies like income tax, payroll tax and corporate or profit tax.

Another is indirect taxes like value-added tax which are paid to the government or other public agency

Non-tax revenues from state-owned companies, including natural resource revenues such as oil and gas, mineral resource etc

And we have borrowing, be it through the capital market, from individuals, bond, treasury bill etc and financing from external (foreign) sources, Grants, aides etc.

In all of the above sources, Ekiti State still fall short of sourcing for the huge required capital.

However, developing Ekiti and making it one of the best within the South West and in the country as a leaving legacy primarily requires a visionary leadership. It requires leader who is a head hunter, a leader of men with uncommon vision.

The four legacy projects of the last administration i. e. the uncompleted Oja Oba, the Fajuyi flyover (financed by Federal government), the new high court and the new governor’s house was a roost that were used as the “bread to mop up our stew”. These projects were executed at cut throat inflated cost leaving us with dip pocket hole debt of about 120b as outstanding loan for the coming generations to pay. Non of these projects have economic or direct impact in job and wealth creation in the State.

However, for the present administration of Dr. Fayemi to make a significant foot print in leaving an everlasting legacy far beyond the last administration, this is where the vision of the the governor is come to play. Ekiti have the required personnel, the zeal and determined workforce to be great. Though the present administration has done marvellouslly well in restoring our lost values, leaving and instituting a last longing legacy is now expected to complement the value restoration.

Late sage Pa Obafemi Awolowo of blessed memory was able to make significant imprints in virtually all areas of live endeavors as the premier of Western Region with legacies non have been able to match till date and this was as at the time when there was no going to Abuja with cap in hands for Federal government allocations.

With the limited time left for the present administration, the greatest legacy Dr. Fayemi can give a Ekiti is to institute and lay a good foundation for long, medium and short term sustainable developmental masterplan in such areas like:

💢Solid and Mineral Resources
💢Commerce and Industry etc

for at least minimum period of fifty 50 years broken down to 4, 8, 12 …….. 50 years with a well thought out succession plan.

Financing this master plan should be considered and go beyond all the various sources of government fundings earlier mentioned but specifically be built round “creating funds” and in creating funds, the present administration need to institute a strong economic and investment team comprising financial pundits including regulators, private capital investors, investment advisers and analysts  etc to make recommendations and advise the government on areas of using the State apparatus in “creating” developmental funds without resulting to cut throat debt.

Life is all about tough decisions likewise governance, nothing make them easy. Margaret Thatcher once said “If you set out to be liked, you would be prepared to compromise on anything at any time, and you would achieve nothing.” it is time for the hard decision, to start the trip.

Signed: Ekiti Liberation Movement (Itusile Ekiti)
[email protected]
☎ 07082529222


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