Economic Experts X-ray 2025 Budget As Caleb University’s Centre For Political Issues And Economic Thoughts Holds 2nd Webinar
●features Prof. Rauf Aregbesola and Dr. Abiodun Adedipe as Guest Speakers_
● dissects budgeting issues, challenges and proffers solutions
The Centre for Political Issues and Economic Thoughts, Caleb University Imota Lagos, has held its second Webinar series, following the Federal Government’s decision to increase the 2025 appropriation bill from N49.7 trillion to N54.2 trillion in response to an increase in revenue generated by key government agencies.
It will be recalled that the government had projected a total revenue of N36.35 trillion for 2025 in the budget, anchored on improved non-oil revenue generation, expanded tax collections, customs duties, and independent revenue from government-owned enterprises, The indices which include oil revenue projections based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500 to a dollar.
In a statement issued by Olawale Adekoya, Information, Media and Publication Specialist, said the hybrid event which featured two Keynote speakers; Dr. Abiodun Adedipe of BAA Consult, Lagos and Prof. Rauf Aregbesola from the University of South Africa, created a platform for global scholars, economics and financial experts, practitioners and other stakeholders to converge and dissect Nigeria’s 2025 appropriation bill and other salient issues in between.
Acting Vice Chancellor, Prof. Sunday Adewale, submitted that the Webinar could not have come at a better moment than now that the nation is strategizing on the 2025 Appropriation Act.
“The Centre has assembled the best among renowned economists, policymakers, and industry experts, who will provide in-depth analysis and perspectives on the budget and its potential impact on various sectors of the economy.”
Armed with an illustrious career through the University of Lagos, Enterprise Consulting Group, the World Bank (Africa Region), International Merchant Bank Plc, and First City Monument Bank Plc., the Economics First Class Graduate from University of Ife (now OAU) received his Doctorate degree in Industrial Economics (specializing in Corporate Finance) from the University of Lagos, Dr. Adedipe, a member of the Chartered Institute of Directors; Chartered Institute of Bankers of Nigeria (Fellow), The Nigeria Economic Society (Life Member), American Economic Association, and Lagos Chamber of Commerce & Industry member, has bagged several awards including Sir Adam Thomson scholarship as visiting doctoral student to the University of Sussex, UK (1984).
The founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult) with over 44 years of post-graduate work and professional experience in university teaching, investment banking, project finance, management and financial consulting as well as leadership in business and not-for-profit organizations, expressed concerns about the increase in Nigeria’s national budget, citing India and Thailand, also spoke about the fluctuation of the galloping interest rate as well as the need to keep improving the GDP.
Speaking on the theme, ‘Nigeria’s 2025 Budget and Socio-economic Development Agenda: the Way Forward’, Dr. Adedipe, who expertly, with measured analysis, assured the audience on the success of the 2025 budget, affirmed that the crude oil benchmark, production target and exchange rate projections in the budget were realistic. He, however, charged the government to tackle oil theft and other challenges that hindered the implementation of previous budgets.
Addressing the audience virtually from his base overseas, Prof. Adewale Aregbeshola, a Professor of Development Economics/Development Finance who completed his bachelor’s degree at Ogun State University, Honours and Master’s Degrees at the University of South Africa and PhD at the University of the Witwatersrand Business School, maintained that in the process of budget making, the government should not only concentrate on the expenditure, but be more concerned about the revenue that will fund the project.
Prof. Aregbesola however did not share the optimism of his fellow Guest Speaker, as he affirmed that Nigeria’s budget does not speak for national development. The erudite don listed problems associated with the budget process in Nigeria to include non-release of funds, poor procurement practices, corruption, weak capabilities for planning and execution of projects, policy summersault, as well as lack of continuity in policies and project implementation by succeeding administrations.
“The budget is expected to drive national economic growth, hence if our national budget fails to address our development plan, then why are we budgeting?”, he queried.
The veteran scholar who is a specialist in Institutional Adequacy and Growth Imperatives, has done extensive studies on the dynamics of African institutional environment exerting his expertise in econometrics and quantitative approaches globally stressed that “the government should improve on budget deliverables to increase public trust. The government critically needs to justify citizens’ tax payment with improved infrastructure, especially stable power supply, good roads and other social amenities.”
Caleb University’s Director, Centre for Political Issues and Economic Thoughts, Dr. Samuel Idowu, described the event as crucial, significant and symbolic as it affords the imperative tools and guides for the government at all levels, in budget implementation. “The take-aways will equip budget makers to prevent potholes and avoidable errors, thereby enhancing performance.”
Caleb University’s Deputy Vice-Chancellor in charge of Research, Innovation, Strategy and Administration, Prof Olalekan Asikhia, who gave an overview of the webinar remarked that the event, which could be accessed via https://bit.ly/CPIETWebinar2 “has lived upto its expectation judging by the quantity and quality of key takeaways from the two erudite speakers, as well as the invaluable contributions from the audience”. Prof Asikhia also weighed in on the taxation debate. He submitted that while the government should be judicious in spending, citizens should see paying tax as an obligation; hence “everyone should pay as and when due”.
University Principal Officers including Mr Mayokun Olumeru (Registrar); Mr Josiah Adeyomoye (University Librarian). Deans of Colleges, Heads of Departments, ranking University stafd and students made their presence count.
