Education Today: UNIZIK: Stakeholders criticise poor budget process, implementation

Education Today: UNIZIK: Stakeholders criticise poor budget process, implementation
Education Today

A former Central Bank of Nigeria (CBN) Deputy Governor, Prof. Kingsley Moghalu has bemoaned what he described as “politics of interest” which revolves round the nation’s budgeting process and resources allocation.

According to him, rather than invest in the country, Nigerian leaders preferred to engage in reckless spending and increase in the cost of governance.

He also argued that despite huge yearly budgets, the country and its people are moving down the poverty lane.

The former CBN deputy governor disclosed this during the second edition of the UNIZIK Business School Dr. Emmanuel Egbogah Budget Roundtable, which took place at the university auditorium.
Prof. Moghalu, the guest lecturer, who delivered a lecture on the theme of the roundtable: “Budget Implementation: The Political Economy of Resource Allocation,” however, lamented that the country was being ruled by so many visionless and clueless leaders who are taking critical decisions for the generality of the people.

Worried by the alarming rate of abandoned projects across the country by the Federal Government, he noted that over 56,000 projects were abandoned across the nation, with 15,000 of such projects scattered across South East alone.

While advocating restructuring of the country on regional basis, Moghalu, who lamented that only between 20 and 30 per cent of the country’s budget outlay, is being spent yearly, also called for increased citizen’s participation in the budgeting processes.

In his remarks, Anambra State Deputy Governor, Dr. Nkem Okeke, suggested visionary leadership with sincerity of purpose as the only solution to the myriad of budgetary issues and problems facing the country.

Dr. Okeke further explained that the worth of the budget is in the implementation, even as she commended the university for organising the academic discourse as part of its contributions to national development.

On his part, the Vice-Chancellor, Prof. Joseph Ahaneku, regretted that the nation’s budget cycle was being confronted with several challenges at its various stages of preparation by the executive arm of government, during which guided information and resource allocation to the various sectors and sub-sectors of the economy are undertaken for presentation, consideration and passage of the

Appropriation bill by the National Assembly and its implementation by the executive arm.
Ahaneku, who represented by the Deputy Vice-Chancellor in charge of Administration, Prof. Carol Arinze-Umeobi worried that only a very poor fraction of the capital budget was being implemented from year to year.

The Vice-Chancellor, therefore, commended the vision of Dr. Emmanuel Egbogah, the Chairman Emerald Energy and former Special Adviser on Petroleum to the President to endow the UNIZIK Budget Roundtable in perpetuity.

He also lauded the Director of UBS, Prof. Au. Nonyelu and his team for the choice of the theme and for realizing that budget is the economic nerve of any corporate entity that would attract the benefactor.

Represented by Prof. Emma Okoye, the Secretary to the Anambra State Government (SSG), Prof. Solo Chukwulobelu, who chaired the roundtable, in his remark, noted that a roundtable on budget would go a long way in exposing the people more and boost the economy.

Meanwhile, Egbogah, who was represented by Prof. Chijioke Nwaozuzu, in his goodwill message, alluded to the fact that improper budgeting had continued to be the bane of the country’s myriad of challenges and problems, including irregular processes and procedures, which collectively impact negatively on service delivery.

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