Economic Society Urges FG, States to Ensure Credible Budgets, Transparent Spending

The Nigerian Economic Society (NES) has urged the Federal Government and state governments to prioritise credible budgeting, transparent public spending and sustainable revenue generation to ensure that economic reforms translate into improved living conditions for Nigerians.

The call was made by the society’s president, Dr Baba Musa, during a three-day capacity-building workshop organised in collaboration with the Ogun State Ministry of Budget and Planning in Abeokuta.

Musa, who was represented by the chairperson of the society’s Ogun State chapter, Professor Comfort M. Amire, said effective fiscal management was essential to converting the gains of economic reforms into tangible benefits for citizens.

He stressed that government budgets must be based on realistic revenue projections and supported by disciplined implementation and regular performance reviews.

“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,” he said.

The NES president noted that reforms to fuel subsidies and foreign exchange management had created opportunities for economic stabilisation, but warned that monetary policy alone could not provide the infrastructure, education, healthcare, water supply and employment opportunities Nigerians need.

On revenue generation, Musa urged the Ogun State Government to strengthen 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, saying loans could support development when directed towards productive infrastructure with clear economic returns.

“Future generations should inherit assets from us, not only liabilities,” he said, calling for debt to remain within sustainable limits and for borrowing decisions to be reported transparently.

Musa further urged governments to publish budget performance reports, debt statistics and procurement information promptly to strengthen public confidence and attract investors.

He called on public servants responsible for budget preparation, project monitoring and policy advice to uphold professionalism and integrity, noting that effective public financial management depended on their competence.

The society also offered to provide technical support to the Ogun State Government in fiscal framework reviews, budget analysis, debt sustainability assessments, revenue studies and capacity building.

Ogun State Commissioner for Finance and Chief Economic Adviser to Governor Dapo Abiodun, Dapo Okubadejo, said investment in the professional development of public servants was essential to strengthening institutions and sustaining reforms beyond individual administrations.

The workshop focused on fiscal management, effective governance and sustainable development in Ogun State.