Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Senators criticise Nigeria's economic policy

30 January 2014, 11:56

Abuja - Senators on Wednesday in Abuja faulted Nigeria’s over reliance on western economic theories as debate on the 2014 budget entered its second day.

The senators said the continued application of foreign economic theories to the Nigerian situation was not yielding the desired result.

In his contribution, the Deputy Senate Leader, Abdul Ningi said for the Nigerian economy to yield any positive result, the country must abandon foreign economic theories and focus on home grown ones.

“Our economy is a third world economy, we cannot continue to bring western economic theories to address our peculiar situation and expect positive results,’’ Ningi said.

According to him, Nigeria must emulate other emerging economies that have replaced all the prescriptive western economic theories with home grown approaches that engender economic growth and prosperity.

 Danjuma Goje also expressed the need for Nigerian budgets to be tailored to address the country’s peculiar problems and not to satisfy western ways of assessing budget performance.

Goje decried lack of provision in the budget to address the issues of armed robbery, kidnapping and other vices, adding that it was the government’s responsibility to protect the citizens.

On his part, Smart Adeyemi said that Nigeria’s economic needs were quite peculiar and unique; adding that adopting the western approach to addressing them would not be effective.

“The Minister of Finance must be told to review her World Bank/IMF economic policy because it cannot fit into our own circumstances; it is not working in our best interest,’’ Adeyemi said.

 Ita Enang decried what he described as fiscal rascality of certain federal institutions due to failure of the Finance Ministry to enforce the Fiscal Responsibility Act.

Enang said that the institutions were acting independently, generating revenue and disbursing same without recourse to the National Assembly for necessary appropriation.

For Hope Uzodinma, “the 2014 budget is very reassuring and refreshing as the government’s proposal is consistent with the transformation agenda."

Uzodinma said that the budget should be forwarded to the relevant committees for further legislative work.

Also contributing, Ayogu Eze said that the budget was a well-focused one, directed at creating jobs.

He, however, noted that the problem of budgets in the country was that they had failed to match revenue projections to actual revenue generated.

“This year, all energies should be geared toward generating enough revenue to create more jobs just as the private sector should be empowered to generate jobs.

“I urge my colleagues not to waste too much time blowing grammar here and move into the field to ensure the budget is fully implemented,’’ Ayogu said.

 Kabiru Gaya decried the fact that budget implementation in the country over the years had never risen above 50 percent.

According to him, for Nigerians to benefit from any budget, the capital expenditure must be higher than the recurrent expenditure.

He said that the only reason Rivers Assembly was able to pass its budget within one hour was because the capital expenditure was higher than the recurrent expenditure.

For Olushola Adeyeye, there was so much confusion in the financial management of the country which had made it difficult to ascertain the true state of the economy.

He said government agencies were providing conflicting details of finances and that the budget had shown a betrayal of the citizens.

“APC and PDP must come together and terminate the financial rascality and criminality being enjoyed by politicians to enable Nigeria to prosper,’’ Adeyeye said

Adeyeye expressed regrets that the minister of finance who had championed Nigeria’s debt repayment was the same person now leading the country into more debts.

 Olufemi Lanlehin said that the budget should be returned to the executive to include the budget estimates of revenue yielding agencies such as NNPC, CBN, NPA and others not captured.

 The senate is expected to conclude debate on the 2014 budget on Thursday.

-    NAN


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...