At the risk of discussing a matter which some may consider subjudice as the matter is before the Supreme Court of Nigeria, this article seeks to examine the ongoing dispute between the Federal Government and the 36 state governors over deductions from the Excess Crude Account for the launching of the Sovereign Wealth Fund with a view to challenging the leadership on the need for true federalism and paradigm shift for national economic development.Indeed, the squabbles may yet mark the beginning of the much awaited revolution in Nigeria. But if one may ask on whose side are the state governors' Did I hear you say the Nigerian people' I doubt it. And on whose side is the Federal Government' Did I also hear you say the same Nigerian people' I also doubt it. Let this point be made right away: At the heart of the dispute lies the disguised quest for more power by both sides. It is all about power, not peoples welfare. Let no one be left in doubt.What then is this Sovereign Wealth Fund all about' Lets begin from the fundamentals. Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain that, upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time. A collective investment scheme is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group. In other words, collective investments are promoted with a wide range of investment aims either targeting specific regions or specified industry sectors (e.g. technology). Depending on the country, there is normally a bias towards the domestic market to reflect national self-interest as perceived by policymakers, familiarity, and the lack of currency risk. Funds are often selected on the basis of these specified investment aims, their past investment performance and other factors such as fees.Now an SWF is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. SWFs invest globally. Some may be held by a central bank, which accumulates the funds in the course of its management of a nations banking system; this type of fund is usually of major economic and fiscal importance. Others are simply the state savings which are invested by various entities for the purposes of investment return, and which may not have a significant role in fiscal management. For our purpose, fiscal policy includes but not limited to tax policy, revenue, budget deficit or surplus, deficit spending, debt(external or internal), fiscal union, etc.What is it then in Sovereign Wealth Fund that is for Nigerians' If the deduction of the proposed $1bn is for investment purpose, then it stands to reason that Nigerians should expect returns from such investment which will in turn create jobs for the teeming unemployed youths. So, if it is, indeed, for the Nigerian people as opposed to the ruling class, how come the state governors and the Federal Government are fighting dirty over the Sovereign Wealth Fund' Or, perhaps, there is something the Federal Government and governors are not telling us' Are Nigerians not entitled to such privileged information in view of the Freedom of Information Act' In any case, if both parties do not feel like telling us ordinary Nigerians, perhaps they will tell the apex court, abi'I think a constitutional amendment which aims at redefining the existing structure seems to be the way out of this dilemma. Such a constitutional amendment will necessarily allow the devolution of more power to the federating units in a strategic manner as to enthrone not only fiscal federalism but also enhance national economic development.The State of California in the US is ranked the 5th largest economy in the world. That is what true and fiscal federalism can do. Nigeria is hoping against hope to become one of the top 20 largest economies in the world by the year 2020. This is hoping that our leaders still remember that it is just nine years away. The only way to achieve this laudable dream is to jettison the present unitary fiscal system and embrace fiscal federalism. For now, too much political and economic power is concentrated at the federal level.With profound respect to the lawmakers, I think the National Assembly should jump into the fray now by amending the constitution to reflect the fiscal federalism for which Nigerians yearn. Then, and only then, the New Nigeria of our collective dream will emerge. For me, the current squabbles between the State Governors and Federal Government will lead to the birth of the New Nigeria which will truly be a federal nation.In the New Nigeria, what is required is good governance with responsible, sensitive, pragmatic, and dedicated leadership which will ensure creative generation and prudent allocation of resources for improved living conditions for the people. This, no doubt, will require political will. It will also require a sense of direction, duty and accountability. In short, it requires informed decisions by our leaders.I am aware that it is difficult to change Nigerians without changing the system which has limited our political and economic space. Every system needs reforms and transformation at key moments in history. For it is only when the system is healthy, that it becomes inclusive rather than exclusive. The ethic of the transformative justice of the New Nigeria should operate in a way that listens, responds, affirms, explains and lets Nigerians know they are heard and valued. For I hold the view that yesterdays answers may not be appropriate for todays questions.Above all, Nigerians must stand together as a people, take responsibility for one another, in families and communities, and also learn to reconcile their self-interests with the common good. The values we promote must be upheld in our own style of life. What we demand of others, we must expect of ourselves. It is not enough to speak out against corruption. We must take a step further by ensuring that we set up procedures and systems that are transparent and beyond question.In the face of hopelessness and frustration, we must build hope and activate our disposition to personal and collective efforts to overcome the challenges of underdevelopment, and promote equal, unhindered access to the good life in the most creative way. This then is the vision of the New Nigeria which should emerge from the current squabbles between the State Governors and the Federal Government.Emboldened by vision of what we can be, Nigerians should trudge on, unshaken in their convictions that today is better than yesterday. Tomorrow is not yet in our hands. But we must secure it today. Yesterday is gone. But, today inspires us to let go of yesterday and to lay a solid foundation for tomorrow. Let the two tiers of government sheathe their swords, and instead seek for a frictionless resolution of their differences because the interest of the average Nigerian is not served by this needless altercation.-Okorie, a lawyer, wrote in from Straddle Partners, 199, Igbosere Road, Lagos via ikeokorie@yahoo.com. Tel. 08120353700
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