Experts make case for more purposeful budgeting

By Taofik Salako, Capital Market Editor

Finance and economic experts have called on the government to improve its budgeting process and lay emphasis on key enablers that could jumpstart the growth and development of the Nigerian economy.

This was the highpoint of the seminar on Budget 2020 organised by the Securities and Exchange Commission (SEC) in Lagos.

Experts, who spoke at the event included Acting Director-General of SEC, Ms Mary Uduk, former Director General and Chairman of SEC, Mallam Suleyman Ndanusa, Emeritus Professor Ademola Oyejide of Economics Department, University of Ibadan; Head, Economic Research and Policy Management of SEC, Dr. Afolabi Olowookere; Managing Director, Vetiva Capital Management Limited, Mr Chuka Eseka; Chief Executive Officer, United Securities Limited, Mr Oluseyi Owoturo; Chief Executive Officer, Nigeria Economic Summit Group (NESG), Mr Jaiyeola Laoye; Managing Director, FMDQ Securities Exchange Limited, Tumi Sekoni and Head, Tax and Corporate Advisory Services, PwC, Mr Taiwo Oyejide.

Experts agreed that infrastructure development is of optimal importance for the achievement of economy prosperity and sustainable growth and development, urging the government to use its budget to create enabling environment to attract private and domestic capital to fund and support critical infrastructure.

According to experts, provision of conducive business environment and credit enhancements for the Small and Medium Scale Enterprises (SMEs) to thrive, because the SME sub-sector is one of the critical pillars for economic growth and national prosperity.

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In a communiqué at the end of the event, experts called on the government to work towards encouraging the participation of the private sector in the business environment.

“The power and agricultural sectors are key sectors where in-depth reform and partnership with the private sector are important. There should be partnership with the private sector to mobilise domestic resources, create quality jobs and lift people out of poverty,” the seminar agreed.

Experts underscored the need for government to focus on a thorough implementation process and imbibe international best practices in its dealings including sanctity of contracts, transparency and deterrence of illicit outflows of revenue.