Profound, Concerted Budgetary Policy and Legislative Reforms from the Executives and the Legislature has been put forward as panacea for economic recession. This was endorsed by the House of Reps. Tactical Committee on Economic Recession
The Director General, National Institute for Legislative Studies, Dr. Ladi Hamalai, while delivering her paper called on the executive as well as the legislature to re-engineer Nigeria’s national budget process to make it more development oriented so that the country can witness accelerated exit from economic recession and sustainable economic growth.
“Budget is a tool for national development. Sustainable exit from the economic recession can largely be achieved through deliberate, well thought out budgeting strategy; a budgetary system that is development oriented” Hamalai said.
In a thought provoking presentation at the retreat for Honorable Members of the House of Representatives Tactical Committee on Economic recession, Hamalai said that the monumental wastage, bogus budgetary allocations, leakages arising from abandoned projects have been the bane of a productive, growth-oriented budgetary process. She argued that our budgets over the years have been marred by high level of inefficiency, ineffectiveness and lack of transparency.
She decried the practice of creating new institutions and suggested that rather, the National Assembly should pursue legislation, either, towards consolidating some existing institutions, where it is absolutely necessary, amend the Acts establishing such institutions as a way of cutting cost. “NILS, shall undertake a study on the number of institutions that have been created, between 1999 to date, with a view to sending a recommendation to the NASS for the way forward”.
She also urged the National Assembly to come up with comprehensive budget laws with attached manuals.
While calling for a budgetary process that is sensitive to current financial, economic realities and responsive to our developmental challenges, Hamalai said failure of our budget is the bane of Nigeria’s economic growth, resulting in recession”.
Leading the discussion, the Chairman, House of Representatives Tactical Committee on Economic Recession, Hon. Bode Ayorinde decried a situation where successive governments have continued to have budgets that can hardly be implemented.
Members of the Tactical Committee, comprising 16 members of the House of Representatives, in the discussion, shared robust, frank and practical perspectives.
Topics include, Nigeria’s Economic Recession – Lessons from Global Practice, Budgeting in a Recession through Cutting Down on “Controllable Expenditures”: Comparative Insights and Lessons for Nigeria, Resolution of the Oppressive Contradictions in Nigeria’s Economy to “Nigeria’s Path to Economic Recovery and Growth.
Resource persons who were drawn from the MDA’s, public and private sectors include the DG, NILS, Dr. Ladi Hamalai, Atedo Peterside, Henry Boyo, Rewane Bismark among others.
The retreat culminated with visit to some industries in Lagos, by members of the House of Representatives Tactical Committee on Economic Recession.