There are so many issues and they all require attention. However, we still need to prioritise the issues. We talk of infrastructure, unemployment and insecurity, under which we have the insurgency in the North-East and militant activities in the South-South. In terms of priority, a good government would address the issues in the South-South rapidly. Unfortunately, subsequent governments have failed to address the injustices of 30 years of military misadventure which resulted in some sections of the country being genuinely aggrieved and that is why we are facing the present challenge in the oil sector. In the short run, oil is a veritable source of revenue capable of bringing the country out of recession. The government should reconcile with the genuine South-South militants.
The government also needs to increase the capacity of the public sector to use what is called the Public-Private-Partnership as a major means of delivering developmental projects. Governments at federal and state levels have not demonstrated that they have the confidence and willingness to tap into that very strong source used in delivering infrastructure globally. The government should also address how it manages its foreign exchange. For some time now, we have had a shortage of foreign exchange. In fact, since 1986, we have been having it. So, we should have become experts in managing it. In the last six years or so, it has been a gross mismanagement of our foreign exchange system. The problem did not manifest on time because we were lucky to have a very good market situation for oil up to 2014. Nothing has been done to address the situation we are in now. The government is just chasing corrupt people without telling us whether the loot recovered from them has been saved into the treasury.
There are developmental projects in large number. And once you have projects in large number, there is no way the country can come out of recession. So, the government must have priority for developmental projects and its spending should be monitored to ensure multiplier effect. That means the government should source goods and services within Nigeria. There is no need importing reinforcements for construction when you have iron and steel companies in the country that are comatose. All services and materials must be sourced locally to stimulate the economy and not contracted to foreigners. •Bisi Sanda (Economic analyst, Erns & Young)
The focus of the 2017 budget should, generally, be economic reconstruction. It should be about looking inwards. We should think of strategies through which we can grow and develop the internal economy without necessarily hurting the citizens. The strategies being adopted now to grow the internal economy are geared towards hurting the citizens. We have not started a proper internal domestication of every aspect of the economy. There are so many bans on certain imported goods that Nigerians use but the government has not made provision to internally source such things locally and internally develop ourselves.
Between 1965 and 1989, the then generation of leaders helped to construct four refineries. But between 1990 to date, the current generation of leaders has not been able to construct one refinery and have not been able to maintain the ones they inherited. That is to show that there is a generational shift in the focus of the current generation of leaders. Unfortunately, the model they are operating today is not helping internal domestication and as long as there is no internal growth, there won’t be growth in Gross Domestic Product. And if there is no growth in GDP, the economy will suffer.
So, the government should look into the refineries. It is wrong for a country to have raw materials and yet import the products of the raw material. If the refining and processing of raw materials into finished goods are not attractive, other countries will not have been doing so. If countries refine and process raw materials into finished goods, then there is something productive about their economies and what they are doing. Nigeria cannot be an exception.
Any country that decides to be an importing nation with a weak and fragile economy and currency like Nigeria will suffer, regardless of changing of the leaders. • Bala Zakka (Technical Director, Template Design Limited)
The focus of the 2017 budget should be on infrastructure, power and education. Power has a multiplier effect on the economy. There is no way you can drive the economy without basic infrastructure. There should also be massive investment in education, human capital and employment generation for the teeming unemployed Nigerian youths.
Once the government gets the power sector right, it will encourage industries, small-scale business and the majority of Nigerians will be gainfully employed. Thank God the war on Boko Haram in the North-East is gradually coming to an end. The government should now invest heavily in sectors that will revive the economy.
There should be investment in universities. Most of the facilities in our universities are overstretched. Once these things are put in place, they will go a long way in saving our educational system. Even in Africa, Nigeria is still down the ladder in spite of being the giant of Africa. Our educational system is not well organised and there is this saying that no nation can develop if the university system is poor. The state governments should also fund primary and secondary schools properly and provide the necessary infrastructure because the two levels serve as the bedrock for tertiary level. •Prof. Dauda Saleh (Lecturer, Political Science and International Relations, University of Abuja)
From the available statistics, it appears the present administration has yet to deliver on its promises. For me, the budget should focus on power supply. Power generation and distribution have been so low. The government should do whatever it could to ensure that Nigerians have power supply whenever they want it. That should be the government’s priority.
The second area I want the budget to address is the infrastructural decay. Roads, bridges and houses are decaying. The government should try and fix infrastructure. The budget should emphasise on revamping the decaying infrastructure, especially roads. When roads are good, every other thing falls in place. Job creation is also very important. You cannot create jobs by making promises; you create jobs by establishing industries and developing the existing ones. Agriculture should be revived and the economy should be diversified. These are the three areas I think the budget should focus on. •Prof. Jonah Onuoah (Head of Department, Political Science, University of Nigeria)
Giving names to budget began during the military era. Whatever name is given to the budget, my concern is that it must make adequate provision for infrastructures that are reliable and affordable.
By that, I mean public power supply, telecommunication, transportation, health care delivery, security and roads. Nigerians are concerned with the provision and availability of these facilities given the present situation in the country.
In the area of agriculture, government should hands off the sector. It has no business planting and harvesting crops. Government should concentrate on providing land, fertiliser, soft loans, agricultural implements, silos and warehouses so that it can buy from farmers and store. At the appropriate time, government will then sell to the people at affordable prices. • Chief Lekan Alabi (Public relations consultant)
A focused acceleration of the development of agriculture and industry should be the thrust of the 2017 budget. The Federal Government should put machinery in place that will unlock the potential of the federation.
In a bottom-up approach, allocation should be made in the budget for massive development of our rural areas. This will promote agriculture and industry, and generate employment. In addition to this, special provision should be made for the acquisition of farming equipment and implements. Funds should also be set aside to help farmers, traders and artisans as the effects of recession bite harder.
They should be assisted by government through soft loans and grants. With these, unemployment will be reduced drastically and the resultant boost in agriculture and industry would bring down the prices of food and living expenses. •Kehinde Olaosebikan (A journalist)
Compiled by: Femi Atoyebi and Afeez Hanafi
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