A pan-Yoruba cultural group, Yoruba Council of Elders, YCE, has called for the adoption of fiscal federalism in Nigeria.
The group says fiscal federalism is the only way out of the current economic crisis in the country.
The Yoruba council of elders also called for a holistic review of the revenue allocation formula.
It also expressed delight over a recent convergence of the governors of South West geopolitical zone on the matter.
They described the development as positive since the move will better the interest of the Southwest region.
In a communiqué signed by its Secretary General, Chief Idowu Sofola,SAN, the group urged state governors in the zone to prioritize agriculture and inter-state commerce.
“To take Nigeria out of recession, the Yoruba Council of Elders has suggested the adoption of fiscal federalism.
“The system will allow federating units to generate resources in their domains,” the group said.
“We are concerned about the economy too.
“It has failed to respond positively to the efforts of the President Buhari’s economic team.
“The council also congratulates all the South West governors for the outcome of their meeting held in Ibadan.
“We are particularly impressed with their determination to collaborate within the ambit of DAWN Development Agenda for Western Nigeria.
“We are asking them to pay special attention to agriculture and interstate Commerce.
“The council believes that fiscal federalism, which will allow federating units to generate resources in their domains, paying taxes and royalty to the Federal Government will promote economic growth and take the country out of recession.”