Akakan Umoh
The former Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Professor Akpan Ekpo has asked Nigerians to demand greater public scrutiny of government finances at all levels.
Speaking during an interview on ARISE News on Tuesday while discussing Nigeria’s debt profile and public finance, Ekpo said Nigerians should call for scrutiny of government finances in view of the increased revenue to different tiers of government, saying, “We need to ask ourselves where is the money going to? We need to get answers.”
Ekpo further urged Nigerians to demand greater accountability from governments at all levels, saying citizens should see tangible improvements from public spending.
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“I think the high-time season has this demand. Not just at the federal government level but also at the national level. We can see the benefit of the revenue that is increasing. We can see the benefit in terms of quality education, quality health, power supply and things like that.”
The Economist also questioned how public funds are being spent, saying Nigeria faces challenges on both revenue generation and government expenditure.
“I don’t think they’ve met the revenue target. There’s a revenue challenge but there’s also an expenditure challenge. The cost of governance is very high.”
He further asked: “Definitely, what is the money being used for because as we speak 80% of Nigerians lack the basic needs of life?”
“So, where is the money going? That’s a very important question,” he added.
On the Debt Management servicing in the country, he called for an overhaul of Nigeria’s budget process, describing it as being “in total disarray,” warning that it continues to worsen.
Ekpo said the country’s budgeting system requires urgent reforms to improve transparency and accountability.
“The budget process is in total disarray and that has got to end,” he said.
He added: “I think it’s part and parcel of the endemic corruption and non-transparency.”
Ekpo, who said he had participated in the budget process in the past, argued that the situation had deteriorated over time.
“I had the privilege of being part of the budget process and it just keeps getting worse,” he said.
The economist called for a broad review of the budgeting system, saying, “I think we need a serious round table on this issue of the budget because it’s a big thing for me.”
The ex-Vice Chancellor of University of Uyo said examining budget documents had become embarrassing, adding, “When you look at the spreadsheets for each of the MDAs, you get embarrassed.”
