BY BARTHOLOMEW MADUKWE
MR. Adedoyin Owolabi, the President of Institute of Chartered Accountants of Nigeria (ICAN), on Tuesday advised all the tiers of government in Nigeria to improve on budget implementation.
Owolabi gave the advice in Abuja at a one-day symposium organised by ICAN to review budget implementation strategies.
“The quality of life of the average Nigerian is declining, while the cost of governance has continued to soar. We have been witnessing economic growth without development.
“The huge absolute value of budget deficit financed mainly with borrowing from banks has continued to negatively impact on cost of funding budgets in our economy.
“Each year, brilliant and huge budget proposals are presented by the government to the National Assembly and approved. “Unfortunately, not much will appear to have been achieved both at the micro and macro levels at the end of the year, “ he said.
Owolabi said that infrastructure could have improved in Nigeria if projects were properly monitored and greater premium placed on the value for money.
He called for more consultation between chartered accountants and government, saying that accountants were experts in budget and money matters that would advice on how to grow our economy.
Mr Bode Augusto, a former Director-General in the Budget Office, called on the National Assembly to be more prudent.
While reviewing Nigeria’s budget implementation from 2003 to 2012, Augusto urged the Federal Government to invest more in capital projects.
“In the past nine years, a large chunk of the nation’s revenue has gone into daily expenditure of the Federal Government. And this grossly limits the fraction left for other important national needs.