Daily Independent (Lagos)
Sylvester Enoghase
6 January 2009
Coordinating Consultant, United Nations Development Programme (UNDP) Support Programme to the National Assembly (NASS), Professor Ademola Ariyo, has advocated the adoption of the principle of inclusive budgeting to promote and sustain real economic growth.
Ariyo, the current Head, Department of Economics, University of Ibadan made this disclosure in Abuja at the weekend, while briefing newsmen on the importance of Inclusive National Budgeting in a nation building.
He said "Federal Government effective fiscal policy in 2008, with the ultimate objective of achieving price stability and economic growth has far reaching implications for price incentives, fiscal viability, competitiveness of exports, and efficiency in resource allocations.
"Inclusive budgeting will promote accountable democratic governance, thereby bridging the gap between growth and development in the country", he added
Underlining the role of civil society groups on the nation's budgeting process and implementation, he said inclusive budgeting represents a unique opportunity for civil society organizations (CSOs) and non-governmental organizations (NGOs) to make their inputs into budget implementations and monitoring considering that they are scattered all over the nooks and corners of the nation, and therefore closer to the grassroots.
He said: "Inclusive budgeting gives opportunities for the CSO/NGOs to make their views known to NASS (National Assembly) on any economic policy initiative or any aspect of economic governance that may impact upon the welfare of the people.
"The CSO/NGOs can organise themselves as the eyes of the NASS in reporting on the status of such projects as well as show more interest in the status of Federal Government's projects in their various catchments areas", he added
The NASS Consultant, who argued that the overview of the nation's fiscal policy reveals how economic stability has been achieved given the plummeting of inflation rate to single digit last year, noted that the positive balances of the external accounts in the last three years was identified by the appreciation of domestic currency.
He said "I must assert that because of the widespread impact of the factors attributed to fiscal policy framework, which is under the fiscal authorities, the entire business community and the general public need to see that maintaining relative price stability is critical for both internal and external balance and, hence growth in the economy".
He, however, reiterated that government fiscal policy in the last three years articulated the objectives of the budget based on the state of the nation analysis, the gaps and challenges observed in actualizing the society's aspirations.
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