Nigeria slumps in global budget rankings

Buhari

NIGERIA may have extended its frontier in negative indices with another poor showing, this time in the global ranking of budget processes- transparency, inclusiveness and implementation, from 2012 to September 2015.

Quite worrisome is also the low level of performance among African countries, with South Africa at the top, followed by Sierra Leon, Ghana, Liberia and São Tomé and Principe, while Nigeria could only beat Equatorial Guinea.

This was part of the report unveiled yesterday at the launch of the Nigerian Open Budget Survey 2015, in Abuja, by the International Budget Partnership (IBP), in collaboration with BudgIT, Centre for Social Justice, the Civil Resource Development and Documentation Centre and Socio-Economic Research and Development Centre.

The Open Budget Index, operated by IBP, is the world’s only independent and comparative measure of budget transparency and currently tracks 102 countries, under 109 budget-related indicators.

Specifically, the indicators subsumed in the three major heads- Transparency, Public Participation and Budget Oversight- which the country failed, were pointing to the lingering mismanagement of public funds, poor implementation of budget and oversight and rising level of poverty as well as inequality.

While the country scored 24 out of 100 points assessment and a general average expectations of 45, Sierra Leon scored 52; Ghana, 51; Liberia, 38; and São Tomé and Principe, 24, while Equatorial Guinea got four.

The representative of IBP, Elena Mundo, while unveiling the report, said budgets are more or less imposed on the people instead of being a product of public engagement in the process and that government failed to make reports available for public, but kept them for internal use, while audit oversight function is limited.

“Nigeria scoring 25 out of 100, against 61 taken as sufficiency level, tells of a pretty bad situation. But it doesn’t mean that there is no opportunity to reverse the ugly development. Government must begin to make its budget document open to the public for input and in timely manner.

“Of course, making documents and information available can eliminate covering of real issues, even the media will be able to determine how public finances are actually used. Citizens should be in the know, that is the way to go,” she said.

A World Bank’s Senior Governance Specialist, Roland Lomme, in a goodwill message, said: “Budget transparency is an essential accountability mechanism that will show how resources are spent and for the good of the people. Although the report is poor at 24, but Nigeria increased the budget transparency from 16 in 2012.

We only need consistent improvement now.

“The issue of subsidy, the operations and the cost to the country are challenges. Transparency in public finance is important if the country must rise to the anticipated and assessable potentials,” he said.

The Central Bank Governor Godwin Emefiele, who was represented by the Director of Finance, Mrs. T.O. Image, said budget stands as the instrument of control and cannot taken for granted, because any budget that is not followed is as good as non-existent.

Expert urges Buhari to tap maritime potential

President Muhammadu Buhari

A MARITIME expert and consultant, Engineer Emmanuel Ilori has urged President Muhammadu Buhari to take advantage of the ample opportunities in the maritime sector to diversify the economy.

Ilori, who is a consultant in maritime engineering and management with over 20 years international experience, said if the sector is reformed, Nigeria has the capacity to be a global player in the industry.

In the recent past, experts had ascribed the industry’s poor performance to statutory instruments, but Ilori said it is not peculiar to Nigeria.

According to him these instruments are essentially Maritime Technical Development Regulations that require technical expertise for their effective utilization and implementation.”

Ilori explained that it is called Home Trade in the United Kingdom, and it addresses trade, technical and human capacity, while in the United States, The Jones Act was designed to protect existing maritime industry and prepare it for growth.

Relating it to Nigeria, he noted that the most populous country in the African continent has the benefit of two excellent instruments in the Local Content Act and the Cabotage Act.

“The first was adopted based on the internal technical local content gaps identified within the oil and gas industry. Its modest positive impact is largely due to its implementation by technical experts with thorough understanding of the industry.”

Ilori argued that “The Cabotage Act is the most important instrument that is capable of transforming the Nigerian maritime sector; both technically and economically.

Presently, he disclosed that an initial $200 million is available in the CVFF, emphasizing that it is a great impetus for Nigerian engineers and technicians to build ships locally.

TMG tasks Buhari, APC, INEC on Kogi polls

President Muhammadu Buhari

Chairman of the Transition Monitoring Group (TMG), Ibrahim Zikirullahi, has challenged President Muhammadu Buhari, All Progressives Congress (APC), Inspector General of Police and Independent National Electoral Commission (INEC) to walk their talk on delivering free, fair and credible elections in Kogi State.

Speaking during a pre- election media interaction in Lokoja yesterday, Zikirullahi said all eyes are on Nigeria concerning Kogi election which is the first under the new government, as a litmus test that President Muhammadu Buhari must pass.

According to him, “the history of the Nigerian democracy has been replete with bastardized electoral process, when leaders talk about change it has to start with the electoral process. Any change without getting the electoral process right is not real.”

He said fact that Nigeria is still in the tradition stage of getting its electoral process right is the reason for serious emphasis of security.

The TMG chairman noted that in the developed democracies, election has become a normal process that would not need heavy security for voting to take place.

Bad luck Buhari

Our tough-talking President Muhammadu Buhari is apparently feeling helpless about Nigeria’s worsening economy. He is telling anyone who would listen that Nigeria is broke. In other words, we should not expect much from his government.

Meanwhile, Nigerians are still hopeful— even expectant —of the Buhari dividend. And critics are already flailing away about his non-performance.

The Peoples Democratic Party chieftains and other party faithful are virtually taunting the retired general to deliver on his promises. They have charged that he is talking down the economy with his apocalyptic statements about the economy, which scare away prospective foreign investors.

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