First, I propose a restructuring of the country into five major economic zones as opposed to the current geo-political structure that has promoted a North-South dichotomy. The five zones will be: Core North (comprising the current North-West and North-East minus Adamawa and Taraba), Middle Belt (comprising North-Central plus Adamawa and Taraba), West (comprising the current South-West plus Edo), East (comprising the current South-East) and South (comprising the current South-South minus Edo). Governors in each economic zone should congregate and form regional economic blocs and determine their areas of comparative advantage. The core north could, for instance, re-ignite their groundnut, cotton, textile and leather industries (who says we cannot develop a Nigerian answer to Gucci, Louis Vuitton, Prada and Versace?), the Middle Belt could utilize their large, fertile land to become Nigeria’s agricultural powerhouse, the West could become a centre for financial services and an information technology hub (our own Silicon Valley, perhaps?), the East could focus on commerce, manufacturing and industry, while the South (now in full control of their oil resources) could replicate the Dubai model by utilizing its oil wealth to develop its massive tourism potential. The oil-producing states could be encouraged to contribute 30% of their crude oil earnings every month (for, say, 5 years) into a special fund, the purpose of which would be to aid the other states in making the initial investments into the identified sectors. The fund should be distributed to the states in the same ratio as the current revenue allocation among them in order to prevent unnecessary rancor. The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) could be given supervisory powers to ensure strict adherence to the agreed terms.

Second, I also propose that the Company Income Tax Act (CITA) be reviewed to give states the power to assess and collect tax from companies registered in their domain. In other words, instead of all companies paying their income tax to the federal government (as is currently the case), they should pay to the states where they are domiciled, and a portion of the tax realized buy each state would be remitted to the centre. The effect will be fivefold: One, it will help to weaken the centre and strengthen the states, thereby entrenching true federalism; Two, it will motivate state governors to seek real-sector investment in their respective states as opposed to lazily waiting for oil handouts; Three, it will help generate more revenue for states, thereby empowering them further; four, it will help create more jobs in individual states and stem the relentless drift to urban areas; and five, it will promote greater accountability at state level as the governors will face greater scrutiny with regard to their use of the increased revenue.

What does the house think? We need to take practical steps to break free from this "oyel" curse. Me I don tire to dey see wey dem dey share oil money every month o.