The Federal Government has been advised to adopt a consensus-based national economic goal to solve budgeting and social policy challenges.
Speaking at a Seminar on the ‘2017 Budget’ organised by the Department of Economics, University of Ibadan under the headship of Kassey Garbage, a professor, experts drawn from the field of Economics, Ademola Ariyo, a doctorate degree holder, and Omoaregba Aregbeyen, Adigun Agbaje, political science and Oka Orono of sociology department, both professors, maintained that the current budgeting structure of the Buhari-led administration is a death warrant which cannot produce result-oriented development.
In his presentation, Ariyo frowned at the current budgeting system of borrowing to fund projects, saying the overall budget deficit in Nigeria is too large without an increase drive to increase internally generated revenue.
According to him, Nigeria must restructure to address institutional deficiencies and encourage Local Direct Investment as against Foreign Direct Investment (FDI) which makes Nigeria a slave, saying, “You cannot call someone that lends you money development partner. What sort of partnership is between a creditor and debtor? It makes you a slave as you cannot develop any policy without their input. The Bible says in Proverbs 22:7 that the rich rule over the poor and the borrower is a servant to the lender.”
On his part, Agbaje, a political scientist, called for judicial review to correct institutional constraints in budgeting and governance.
Agbaje, whose presentation was entitled ‘2017 Budget: Matters Arising’, stated that the Nigerian elites are not strategic enough to know that there fortune is tied to the fortune of the masses calling for active citizen participation.
While noting that Nigeria lacks the culture of planning, Agbaje said the Nigerian presidency as currently constituted is weak, adding that all institutions which ought to make things work in the country are weak.
Both Oka Obono and Omoaregba Aregbeyen suggested that future Nigerian budget must derive from the needs of Nigerians and not what the leadership thinks, stating that this would hasten development and link the state with the society.
Akinremi Feyisipo , Ibadan
