The Nigerian Economic Society has urged governments at all levels to prioritise credible budgeting, sustainable revenue generation and transparent public spending to ensure that the benefits of economic reforms translate into improved living conditions for Nigerians.
The society also warned that borrowing must be tied to productive investments, stressing that future generations should inherit valuable assets rather than unsustainable liabilities.
According to a statement by the association on Sunday, the President of the NES, Dr Baba Musa, represented by the chairperson of the Ogun State chapter of the association, Prof Comfort M. Amire, made the call during a three-day capacity-building workshop organised by the society in collaboration with the Ogun State Ministry of Budget and Planning.
The workshop, themed “Framework for Fiscal Management, Effective Governance and Sustainable Development in Ogun State,” was held at MITROS Residence, Ibara GRA, Abeokuta.
Musa, who described the workshop as timely, said effective fiscal management was critical to ensuring that the gains of Nigeria’s ongoing economic reforms translated into tangible benefits for citizens.
He said, “A budget is not a wish list; it is a promise to the people. The measure of a good budget is not its size but its credibility.
“Governments must therefore pay particular attention to realistic revenue forecasting, disciplined budget execution and honest mid-year performance reviews to ensure that budgetary commitments are met”.
The NES president noted that although economic reforms, including changes to fuel subsidies and foreign exchange management, had created opportunities for stabilisation, their sustainability depended largely on prudent fiscal management by federal and state governments.
He said monetary policy alone could not deliver the infrastructure, education, healthcare, water supply and employment opportunities needed to improve citizens’ welfare.
“This is where fiscal management becomes decisive,” Musa said, adding that the efficient planning, spending and accounting of public resources would determine whether ordinary Nigerians felt the benefits of economic reforms in their daily lives.
On revenue generation, he urged the Ogun State Government to strengthen its internally generated revenue through efficient, fair and technology-driven tax administration rather than imposing multiple levies that could discourage investment.
He also defended responsible borrowing, noting that loans could support development when invested in productive infrastructure capable of generating economic returns.
“Borrowing is not wrong in itself. Debt that finances productive infrastructure can pay for itself many times over. But it must be matched to projects with clear returns, kept within sustainable limits and reported transparently. Future generations should inherit assets from us, not only liabilities,” Musa said.
He further stressed the importance of transparency in public financial management, arguing that the timely publication of budget performance reports, debt statistics and procurement information would strengthen public confidence and attract investors and development partners.
The NES president urged public servants responsible for preparing budgets, monitoring projects and advising decision-makers to uphold professionalism and integrity, noting that the success of government programmes depended significantly on their competence and commitment.
The society also assured the Ogun State Government of its readiness to provide technical support in areas including evidence-based research, fiscal framework reviews, budget analysis, debt sustainability assessments, revenue studies and further capacity-building programmes.
Musa said the society hoped the collaboration would become an enduring partnership and serve as a model for cooperation between professional bodies and state governments across the country.
Also speaking at the event, the Ogun State Commissioner for Finance and Chief Economic Adviser to Governor Dapo Abiodun, Mr Dapo Okubadejo, said the state government was investing in the professional development of public servants to strengthen institutions and sustain reforms beyond individual administrations.
Okubadejo, who delivered the keynote address at the workshop, said capacity building should be regarded as a long-term investment in institutional continuity rather than a one-off training exercise.
He said, “Government changes, policies evolve and officials move on; what must endure are the institutions, processes, knowledge and capabilities that sustain effective governance.”
According to him, the state government has continued to strengthen its fiscal management framework through reforms, including the Ogun State Fiscal Responsibility Law, 2020, as amended, and the implementation of the Medium-Term Expenditure Framework.
He explained that the reforms were designed to promote fiscal discipline, improve medium-term planning and strengthen revenue mobilisation, budget preparation, expenditure management and value for money in public spending.
Okubadejo said the effectiveness of the Medium-Term Expenditure Framework depended not merely on preparing fiscal documents but also on the capacity of public servants to forecast revenue accurately, assess available resources, prioritise expenditure and monitor implementation.
He said the workshop would strengthen the analytical, technical and managerial capabilities required to improve planning, budgeting, policy formulation and programme implementation across ministries, departments and agencies.
The commissioner also emphasised the importance of collaboration between the government and professional bodies, describing the partnership with the NES as an opportunity to combine practical public administration experience with academic research and economic analysis.
In his goodwill message, the Commissioner for Budget and Planning, Mr Olaolu Olabimtan, said the quality of government programmes depended not only on sound policies but also on the knowledge, judgement and professional discipline of the public servants responsible for implementing them.
Olabimtan urged participants to apply the lessons from the workshop to improve their daily responsibilities.
He said, “The objective should not be simply to acquire knowledge, but to apply it in ways that improve the quality of our work and strengthen the institutions we serve.”
Goodwill messages were delivered by the Commissioner for Health, Dr Tomi Coker, and the chairperson of the Body of Permanent Secretaries, who is also the Permanent Secretary of the Ministry of Agriculture and Food Security, Mrs Lydia Fajounbo.
Speakers at the workshop included Emeritus Professor Sherriffdeen Tella, Prof Amire, Dr Sogo Adediran, Dr Olalekan Ogunjobi, Prof Maku Emmanuel and Dr Muideen Adejare Isiaka, among others.