Former president, Olusegun Obasanjo has warned that if the present economic problems are not urgently managed, it could usher the country into another episode of debt overhang.

Obasanjo made this remark at the Ibadan School of Government and Public Policy conference, held at the International Conference Centre, University of Ibadan on Monday.

The programme marks the birth of an idea and a new institution, which was conceived to be more than just a school. It constitutes an institutional framework around which ideas and insights about reforming Nigeria can be distilled, calibrated and injected into the working of governance and public policy in Nigeria.

Obasanjo said in his address that if the current physical challenge is not critically addressed, Nigeria maybe on its way into another episode of debt overhang, which may not be good for the country. He said corruption drains billions of dollars from our economy and it must not have a resting place within our society.

Former Secretary General of Commonwealth, Chief Emeka Anyanwu, in his remark stated that if a country is to tackle more effectively the challenges confronting it, it would need to restructure its present governance architecture.
He added that the strength of the United States federalism lies in its unity in diversity, the vitality and strength of the constituency, which yields some powers to the Federal Government while retaining their cherished autonomy. He said the federal government should be allocated on the following basis: 40 per cent to be retained by the federal government for its substantially reduced responsibilities with up to 15 per cent of the revenue derived from Minerals (solid and liquid) going to the mineral-producing areas for addressing the resultant environmental damage. While 60 percent is to be shared equally among the six federating regions.

A guest speaker at the programme, Professor Richard Joseph wondered how Nigerians are super performers in many areas, they are good in all aspects of endeavours and why are they not good in their country?