The Nigerian federalism faces certain difficult problems including those related to census, revenue allocation, religious and inter-ethnic conflicts, allocation of public offices and the unequal distribution of wealth between different regions and between classes.
1988 Local Government Reforms | As part of its transition-to-civil-rule programme, the Federal Military Government of General Ibrahim Babangida inaugurated the Dasuki Committee in 1986 to review the problems of local governments in Nigeria and make recommendations for dealing with them.
The decision by the federal government to reform the local government system in the country in 1976 did not really come as a surprise. Before then, the local councils had little bearing on the lives of the local people as there was little to write home about their performance.
Local governments in Nigeria have two main sources of revenue which may be described as (a) internal sources of revenue and (b) external source of revenue.
In a federation, powers are usually shared between two levels of government, namely, the central and state or regional governments. In theory, the twp levels of government are equal and coordinate in their respective spheres of influence.
The local governments in Nigeria are directly under the control and supervision of state governments. The state governments exercise their authority over the local councils through the Ministry of Local Government which was once abolished and later reinstated.
Federal character is a principle of representativeness in which the muiuncnt, promotion and distribution of state resources are aimed at establishing a fair balance of ethnic and regional representation in all federal government agencies and parastatals.
Privatisation and commercialisation policies were first introduced under the Structural Adjustment Programme (SAP), which was imposed on the country by the Bretton Woods Institutions (i.e International Monetary Fund (IMF) and the World Bank) in 1986.
Corporatocracy refers to a political system that is controlled by corporations or corporate interests. In corporatocracy, individuals are appomted to rule the state by another set of individuals that constitutes the shareholder or rather those who top in the hierarchy of stakeholders.
The concept of ‘kritarchy‘ emanated from the Greek words: 'krités' meaning judge and 'arche' meaning principle. The concept was formally coined by the English author Roben Southey in 1844. Kritarchy is a form of political system where all panics enjoy equal justice.
Privatization is a policy of the government created to afford individuals, corporate bodies, the opportunity to take over ownership and control of government enterprises, companies, etc. while Commercialization is a state policy of making its companies, enterprises, parastatals, etc, more efficient and even more profit oriented. It will also make these organisations come up with efficient management of resources.
The fair value is for which a financial asset can be bought or a financial liability settled on a specific date between two parties (buyer and seller) who are independent from each other and are experts in the field and who know how to act freely and prudently under conditions. market.
The intrinsic value of an option is the difference between the price of the underlying asset in the market and the exercise price.
Intrinsic value is always positive. When the difference between the price of the underlying asset and the strike price is negative, the intrinsic value equals 0. At expiration, the intrinsic value is the value of the option.
The future value (FV) is the value that a certain amount of money that we currently hold or that we decide to invest in a certain project will have in the future.
The future value (FV) allows us to calculate how the value of the money that we currently have (today) will change considering the different investment alternatives that we have available. In order to calculate the FV we need to know the value of our money at the current moment and the interest rate that will be applied in the coming periods.
Value at risk is a statistical technique to measure the financial risk of an investment. Indicates the probability (usually 1% or 5%) of suffering a certain loss during a period of time (usually 1 day, 1 week or 1 month).
Nationalization is the transfer of a sector of the private economy into the hands of the State, whereas privatization means the sale of partial or total shares of a public company to private capital.
Revenue allocation refers to the distribution of national resources between different levels of government, especially in a federation. A federation consists of strong and weak states, rich and poor states and large and small states.
Population Census has always been a controversial issue in Nigeria especially since political independence in 1960. In particular, the population counts have pitched the north against the south and it appears the problem is still far from being solved.
Devolution is an economic concept based on the disintegration or atomization of powers within an organization, company or state. This supposes the dispersion of decision-making and resources in different hierarchies or regions.
At the request of the administrative field, the concept of deconcentration is used to designate that technique through which the transfer of ownership is executed, or failing that, the exercise of the competence that the corresponding regulations attribute as their own to a certain body to another belonging to the same administration and who is dependent on hierarchical matters.
