In an interview, Honourable Femi Richard Bamisile, the legislator for Ekiti South Federal Constituency II which includes Emure, Gbonyin, and Ekiti East Local Government Areas (LGAs), discussed Governor Biodun Oyebanji’s leadership, President Bola Ahmed Tinubu’s impact on the nation’s Economy over the past year, and various other topics. When asked how he feels as a lawmaker from Ekiti State now that the Nigerian Electricity Regulatory Commission (NERC) has handed over the Power Generation Regulation authority to the state, he said he is thrilled with this new development. He believes it will effectively address numerous unresolved issues surrounding the excessive billing practices of distribution companies.
He gave special thanks to Governor Biodun Oyebanji for spearheading the transfer of the Electricity Market regulatory authority to Ekiti State. The lack of progress in the growth of small and medium enterprises (SMSEs) is widely recognized as a significant factor contributing to Poverty in Ekiti. As a result, the state lags behind in industrialization. He expressed optimism that the current plan will lead to an increase in industrial development. Since democracy was established in 1999, each government has attempted to foster industrial development, only to be thwarted by unreliable power supply.
When electricity and security are stable, industrial growth accelerates.
The inadequate performance of electricity distribution companies can be attributed to ineffective oversight from regulatory bodies. When electricity and Security are stable, industrial growth accelerates, leading to job creation, wealth redistribution, reduced poverty, increased government revenue, and the emergence of new industries. The benefits of this development cannot be emphasized enough. It is imperative that citizens have unwavering faith in Governor Oyebanji’s leadership and support his vision of transforming Ekiti into a thriving industrial hub.
Also, he was asked whether he thinks the opposition in Ekiti state is right to call the governor’s ₦17 billion second flyover bridge project a misplaced priority, given the state’s financial situation. Definitely not, he replied. This project will bring new business prospects to Ekiti and deserves praise from everyone. It is crucial for the community to shift their perspective and focus on development instead of politics. The era of Politics is over; it is now time for effective governance. It is important for everyone to take ownership of this responsibility.
Nigeria is facing a significant economic setback.
Currently, Construction is in progress for the flyover connecting Okeyinmi to Ijigbo junction in Ado Ekiti, and the completion of Phase 1 of the Ekiti State Ring Road is imminent. These Infrastructure developments are poised to revitalize the economies of Araromi Obo, Iworoko, Igbemo, Are, Afao, and surrounding towns. Approximately 20,000 individuals have recently secured jobs in both the private and public industries. In addition, the governor has initiated various infrastructure projects such as the construction of roads including Ikere-Igbara Odo, Ikere-Ise-Emure, Isinbode-Ara-Ikole, Ado-Iworoko-Ifaki dualisation, Ogotun-Ikogosi, Itapa-Omu-Ijelu, and more.
Speaking on the country’s economy, he said the country is facing a significant economic setback caused by unethical behaviours from foreign corporations and their local partners. This concern was highlighted in a recent proposal made during a parliamentary session. It is unfortunate to note that Nigeria has suffered a massive loss of ₦28 trillion due to fraudulent activities carried out by certain foreign and local businesses operating within its borders. Foreign companies are diverting a significant amount of Revenue in the maritime sector, which is approximately 40 times more than what the Nigerian Customs Service aims to achieve.
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Additionally, FIRS states that around ₦6 trillion is lost each year due to advanced Tax avoidance tactics employed by certain foreign companies. Nigeria’s free Trade zones, particularly the oil and gas sector, were severely impacted by the economic downturn, resulting in a drastic decline in the country’s revenue. In Nigeria, foreign and local companies engage in illicit economic activities that require partners to make decisions and conceal their actions to stay undetected. It is imperative to thoroughly research and uncover the illegal trade practices happening within the private sector.