Varsity Don Blames Lack Of Education For Budget Deficit, Masses Sufferings

A Professor of Economics and Development Studies, Covenant University, Canaan Land, Ota, Ogun State, Philip O. Alege has attributed the suffering of the masses in Nigeria to lack of education on the workings of the budget and thus could not contribute towards its proper performance.

The State of Osun born don made the remarks at the weekend at a reception organised in his honour at the weekend over his successful Inaugural Lecture titled: Nigeria: The Effects of National Fiscal Policy and Budgeting on the Citizenry.

The event, which took place at the Talk Hall, Angle 1706 Garden, Ago Adura, Sango-Ota, was sponsored by the Humanity Centre in collaboration with the Centre for Anti-Corruption and Open Leadership (CACOL), First Faculty Venture as well as First Fun Ventures.

The don, who lamented that Nigeria has been sadly experiencing budget deficit for several years, declared that the unfortunate development has robed the citizenry of welfare packages that were the sole responsibility of the government.

According to him, lack of budgeting education has sidelined the people from contributing meaningfully to how the annual rituals could work lamenting that, in the process, it was the people that were suffering and paying for bad management of the document!

Speaking further, Alege regretted that the issue has led to serious unemployment just as the GDP kept on growing at a very low rate while sustaining growth has become a problem and tackling the volatility of prices has also become very difficult.

The egg head wondered how a country that that has a population of about 200 million should appropriate a paltry N185.34m that represented only 1.75 per cent of the total annual budget for education!

“One may wonder where our collective wisdom is in getting in getting ready for the future we are envisaging,” the don queried, submitting rather sadly that, “where leaders do not have vision of where the economic and social life is heading to, majority of the citizenry are the resultant losers and in the face of any disaster, nobody is totally safe.”

The concerned Professor, who declared that, “it is time for a total overhaul of our approach to budgeting through strategic plans,” wondered why should there be the proverbial Elephant Projects where there is accountability,” recommending masses education on budgeting so that all hands should be on deck towards seeing successful implementation of the very important annual ritual.

“We need evidence-based research centres in this country where hard facts will be available for policy decisions. Enough is enough of a rule-of-thumb approach in on a matter that has to do with human lives. The problem is that many money-bags prefer to invest where the return is immediate. No one needs to be reminded that the so-called industrial economies of today did not get there by wishes. It is by hard work and researches into all sectors of human endeavours,” Alege postulated.

The issue of National Orientation, according to him, should be reviewed in fiscal budgeting process, asserting that, “people should be made to understand policy choices of government per time.

The don further stated that there is the need to build confidence in fiscal space because, without it, the macroeconomic policy will not achieve the desired goals, suggesting sincere bottom-up processes with robust feedbacks.

“There must be enforcement and encouragement of budget discipline from the preparatory stages up to execution and implementation. If the above suggestions are in place, it would be much easier to check on conformity with the rules,” he observed, believing that, “there would not be anything like White Elephant projects where there is accountability.”

He, therefore, commended CACOL and similar organizations in that regards just as he said there were more works to be done.

In his welcome address, the CACOL boss, Comrade Debo Adeniran said the reception was organised for Professor Alege to appreciate the brilliancy he displayed during the presentation of his inaugural lecture at the Covenant University Otta.

“We decided to honour him, not only to celebrate his brilliancy in his chosen field, but foor the purpose of engendering closer collaboration of our Centre with him towards benefitting from his fountain of knowledge to enrich our information base for the betterment of our society.

The occasion was moderated by a former Edo State Commissioner, Comrade Didi Adodo and attended by captains of industries, renowned technocrats, and members of the Security Services, veteran journalists as well as politicians like the National Chairman of the KOWA Party, Comrade Mark Adebayo and the Professor’s wife, Mrs Modupe Alege among other dignitaries.