GCIOBA 70/74 Set's Contribution to National Discourse

image Government College Ibadan Old Boys Association, 1970/74 Class, held its ENDO and Sound Incorporation show recently in Ibadan, capital of Oyo State. The occasion, chaired by a former Chief Judge of Delta State, Justice Zai Smith, afforded members of the association in attendance the opportunity to reflect on the ailing economy and issues affecting national development in a roundtable discussion themed, Thoughts on the Nigerian economy and allied matters.

In his opening remarks, the chairman of the 1970/74 class of GCIOBA, Dr. Adesina Fagbenro-Byron, told the gathering that the purpose of the event was to enable members of the association make their contributions to National Development.

One of the ways to do this, he noted, was by initiating discussions on key issues, proffering solutions and giving feedbacks to government at the federal and state levels on the current economic challenges facing the country.

Listing the achievements of the 1970/74 class, which included the establishment of a limited liability company, a museum and an insurance and welfare scheme, Fagbenro-Byron said, �We want a country that is economically prosperous, politically stable and socially harmonious. Finding solutions to the challenges facing the Nigerian economy is the focus of this event.�

Economic Adviser to President Muhammadu Buhari, Dr Adeyemi Dipeolu, led the roundtable discussion with a keynote address that focused on the remote causes of the current slump in the economy. The other discussants are Lead Poverty and Social Protection Specialist at the World Bank, Prof. Foluso Okunmadewa; Special Adviser to Governor Abiola Ajimobi of Oyo State on Internally Generated Revenue, Mr Akinbiyi Oloko; a financial consultant, Otunba Debola Osibogun and Fagbenro-Byron, who is also the Executive Chairman, Mothergold Consulting Limited.

Dipeolu drew attention to the connection between changes in the price of oil and Nigeria�s ailing economy, saying that a decline in oil price and reduction in power supply was bound to have an adverse effect on every sector of the economy.

He noted that since over 80 percent of the country�s Gross Domestic Product was sourced from the oil sector, a fall in oil price would lead to a decline in government expenditure in capital projects.

Also, Dipeolu warned that Nigeria faced a possible eight per cent decline in internally generated revenue, which already had an adverse effect on the payment of the salaries of civil servants.

The economic expert backed his analysis with statistical data, adding that the country faced a tough time in all the tiers of the economy, especially with 30 per cent of the annual national budget committed to tackling the present security challenge.

He informed the gathering that available evidence showed that the agricultural sector had made some progress and thereby, proved government�s willingness to diversify the economy.

The Muhammadu Buhari administration, he noted, plans to focus more on macro-economic goals in 2017. The goal is to encourage increased competitiveness among businesses by creating an enabling environment and ensuring that resources are effectively and efficiently used.

Emphasising the need to promote a good value system in the economy, Dipeolu said, �We must imbibe the principle of justice, equity, respect for others and above all, celebrate integrity over corruption. Progress can only be achieved through merit for hard work.

�Our desire for change must be based on our virtue and value; we should celebrate integrity over corruption which will result in reduced transactional cost of business in Nigeria. The moment we have a good value system, we can attain more economic goals. There is hope for this country if we can fight corruption individually�.

In his contribution to the discussion, Oloko spoke on the need for members of the public to understand the amount of revenue generated from the various sectors of the economy, as well as the need for change and national re-orientation, which should begins from the smallest unit of the economy which is the home.

He called on all Nigerians to be actively involved in the implementation of policies formulated by government.

Prof. Okunmadewa blamed the country�s present predicament on its dependence on oil exports. Arguing that Nigeria had invested a lot in the energy sector and depended solely on the revenue generated from the sale of crude oil to the detriment of other sectors, he said the country also had a habit of spending more on foreign goods, which amounted to N795bn annually.

Suggesting ways to salvage the country�s financial sector, Osibogun called on banks to invest in the real sector as this will generate more employment. She also said that monetary policies should be made effective to cushion the high rate of inflation. Since several funds were circulating outside the banking industry, she argued, the banking industry needed to find ways to get more people to put their funds in the bank for proper data about the amount of money in circulation.

Also speaking on good governance and the delivery of public service, Dr. Adesina Fagbenro Byron, called on various ministries to improve collaboration and to ensure mutually reinforcing planning and budgeting.

Plaques were presented to the speakers at the end of the discussion.

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