Thursday, 6 April 2017

Buhari is to be blamed for Nigeria’s recession – Pat Utomi

Professor Pat Utomi says Buhari cannot be free of blame, even as Nigerians suffer and fight recession
Utomi says the Buhari-led administration must shoulder the blame for Nigeria’s economic hardship
He says Buhari’s government should have foreseen the challenges ahead of time.

Prof Pat Utomi, the director of the Lagos Business School, has said that the lack of planning by President Muhammadu Buhari and his team, is what Nigerians are suffering at the moment.
Utomi who made this assertion on Wednesday, March 5, in Awka, blamed the APC administration for the economic recession in the country, arguing that those attributing the recession to fall in oil price were bad mangers.
President Muhammadu Buhari during the Federal Executive Council Meeting held at the Council Chamber State House Abuja.
Utomi, who spoke as guest lecturer at the maiden edition of Dr Emmanuel Egbogah budget round-table organized by the Nnamdi Azikiwe University Business School, Awka, said the Buhari government should have foreseen the situation, had it been that it was futuristic in budget planning and management of resources.
His lecture titled: “Budget Processes In Nigeria: Challenges And Implications For National Development”, blamed the situation in the country on lack foresight, adding that a good national budget ought to have preempted the situation.
According to him, a good budget should contain what the people want and envisage the implications of future economic changes and challenges.
He said: “Our major problem is that we lack planning and if there is no discipline, then budgeting is a waste of time.
“Budgeting process must be matched with where the people are going, but beyond revenue and expenditure, budget has to do with discipline and execution.
“Those blaming fall in oil price are just bad mangers because fall in oil price is not the cause of this recession.”
Utomi also lamented the prevailing backwardness in the country, stating that the sad situation was basically thrown up by the events of 1966, when, he said, a gang of military boys hijacked the leadership of the country.

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