Utomi Blames Recession on Poor Budgeting

 David-Chyddy Eleke in Awka

Founder of Centre for Values in Leadership, Prof. Pat Utomi, has said poor budget system in Nigeria was responsible for the current economic recession in the country.

He also said lack of proper planning and foresight on the part of the country’s leaders,were also a part of the problems that have left Nigeria in its current state.

Utomi who was a guest lecturer at Dr. Emmanuel Egbogah Budget Roundtable organised by UNIZIK Business School, Awka, said that a good budget not only shapes the condition of a country, but envisages the implications of future economic changes of such a country.

The roundtable, which was titled: Budget Processes in Nigeria: Challenges and Implications for National Development, witnessed scholars from various parts of the country who all made contributions to help solve problems associated with budget in Nigeria.

Utomi in his lecture said: “Our major problem is that we lack planning and if there is no proper planning, then budgeting is a waste of time.

“In beginning a budgeting process, it must be matched with where the people are going. But beyond revenue and expenditure, budget has to do with discipline and execution.

He lamented the prevailing backwardness in the country, stating that the sad situation was basically thrown up by the events of ‘1966 when a gang of renegades hijacked the leadership of the country’, saying that the same characters have remained in power too.

A former Minister for National Planning, Dr.Olisa Ogbu in his contributions, pointed out that poor implementation of national budget in Nigeria was as a result of lack of national consciousness.

He called for the enactment of a law to stop the abandonment of National Development Plan by successive administrations.

Earlier in his keynote address, deputy chairman, House of Representatives Committee on Appropriation, Hon. Chris Azubuogu listed factors that hinder the actualisation of national budget. These he stated include poor funding of budget, lopsided budgeting, budget deficit and high domestic debt profile, which he said is currently in trillions of Naira.

Other factors he further stated were absence of budget education, lack of budget engagement, among others.

 Director of UNIZIK Business School, Prof Au Nonyelu told journalists in an interview that the event would be an annual one, which would be continually used to espouse problems associated with budgetary system in Nigeria. He said the event would serve as the institution’s modest contribution to solving the nation’s problems.