Budget Management Will Quash Poverty In Nigeria, Says Ariyo

Budget Management Will Quash Poverty In Nigeria, Says Ariyo

By Ajibola Abayomi,
Lagos

The Federal Government has been advised to lift the majority of Nigerians above poverty with good management of the nation’s huge human that would ensure economic prosperity.
This was the submission of Prof Ademola Ariyo
of the Department of Economics, University of Ibadan at the maiden
public lecture of the Faculty of Management Sciences, National Open
University of Nigeria (NOUN) in Lagos on Tuesday.
Prof Ariyo, the guest lecturer,  who spoke on: “Budgeting And Nigeria’s Sustainable
Development: Some Key Management Imperatives, x-rayed challenges confronting the nation from the budgeting perspective.
Lamenting that successive Nigerian administrations had mismanaged the advantages of the 1914 amalgamation, failing in the process to evolve into a true nation state, he submitted that, “poverty of good management is the most deadly virus that can afflict a nation.
“This explains why in spite of its abundant resources and endowments,
Nigeria currently wears the toga of paradox of a rich nation, poor
people. The transmission mechanism is the enduring culture of
budgeting mismanagement, which is being sustained and aggravated with
proverbial ‘oil curse’.
“We also believe that these problems amount to wages of two sets of
‘management sins’ that Nigeria has been committing persistently since
its independence in 1960. The first set is what we call fundamental
management sins namely lack of collectively-owned, long-term national
economic goal interest and lack of long term planning.”
The professor argued that the stated factors led to “inevitable
secondary management sins which are unproductive, organiSing and
coordinating functions, as well as poor performance monitoring,
evaluation and reward functions.
“Our national budgeting had been at the receiving end of these
management sins, hence the persistent chronic mismanagement of our
abundant national resources.”
Proffering solutions to the challenges, the don said, “the above
scenario is not desirable and there is urgent need to change the
status quo.
“We must always be interested with finding management solutions,
rather than political or other mundane, primitive solutions to our
national issues and problems, especially those concerning the
utilisation of our abundant national resources” he said.
Also speaking, Dr Timothy Ishola, Dean of the Faculty of Management
Sciences, NOUN, noted that the lecture was timely, with last Thursday’s
passage of Nigeria’s N7.441 trillion 2017 budget by the National Assembly.
He charged Nigerians and the lawmakers to put the nation above
personal interest in ensuring that the budget achieved the desired
goal.
“NOUN is talking the lead from the academic to open up debate that
will profit both the government and the citizenry in the area of
budgeting” he said.
Chairman of First Bank Nigeria Limited, Mrs Ibukun Awosika
represented by the Group Head, Marketing and Corporation
Communications, First Bank, Mrs Folake Ani-Mumuney added that
Nigeria‘s economy can be “revived through disciplined budget execution that
resonates across a wide scale.
“Budgeting in my submission is like a compass. A budget
may be able to help you deal with the murky waters and uncertainties
in your journey to successful economic development” she added.