A professor of Economics with the University of Ilorin, Israel Olufemi Taiwo has called for total overhauling of the economic policy in Nigeria.
Professor Taiwo made the call while delivering the 194th inaugural lecture of the University in Ilorin, Kwara state capital.
The professor in the lecture entitled Economic Policy Reset For Nigeria: A Perspective, noted that the present economic challenges confronting the nation were inherited at independence, and until a total reformation is carried out, the status quo would remain.
The present inaugural lecturer who was a former Director-General, Nigerian Institute of Social and Economic Research, called for formulation and implementation of Science, Technology and Innovation policies that would create an innovation driven and knowledge-based economy.
He also called for enactment of of the National Development Planing law to provide the National Council on Development Planning and national sectoral councils with power to coordinate inter-governmental sectoral policy.
Professor Taiwo who also called identified weaknesses in legal framework for the Public Finance Management as partly responsible for poor PFM performance, called for legal regulations for effective PFM performance.