The Chairman, First Bank of Nigeria Plc, Mrs Ibukun Awosika, the Dean Faculty of Social Sciences, National Open University (NOUN), Dr. Timothy Ishola and a lecturer at the Department of Economics, University of Ibadan, Prof. Ariyo Ademola have all called on the Federal Government to adopt a new budgeting plan that can aid growth and development.
The experts made the call at a public lecture titled: “Budgeting and Nigeria’s Sustainable Development: some key management imperatives” organized by the Faculty of Management Sciences, NOUN in Lagos.
According to Awosika who was represented by the Bank’s Group’s Marketing and Corporate Communication, Nigeria must now see budgeting as a compass that will guide its decision on data and how to navigate challenges of life.
“Budgeting in my submission is like a compass. The compass will point you true north from where you are standing and with robust data, a budget may be to help you deal with the murky waters and uncertainties in your journey to a successful economic development,” Awosika said.
Similarly, the Dean, NOUN’s Faculty of Management Sciences said a shift in budgeting paradigm would introduce sound management principles and practices into the various implementation stages and processes of the national budget as a cardinal compass of the of the Federal government change mantra.
Prof. Ademola, who was the guest lecturer at the event, said whereas Nigeria budgeting plans have repeatedly suffered from lack of collectively-owned, long-term national economic goal or interest as well as lack of long-term planning, there is a need to adopt a good management practices on budgeting.
“The desired change, that is, one prevents further commitment of any management sin and thereby enable us appreciate and adopt good budgeting management practices. Henceforth, we must always be interested with finding management solutions, rather than political or other mundane, primitive solutions to our national issues and problems, especially those concerning the utilization of our abundant national resources,” Ademola said.