Foundation blames currency devaluation for deficit projects financing
Titus Akhigbe, Benin
The MacArthur Foundation has listed currency devaluation as the underlying factor responsible for deficit projects financing globally.
The Country Representative of MacArthur Foundation, Nigeria, Dr. Kola Shettima made the assertion while delivering a lecture at the University of Benin (UNIBEN).
Shettima spoke on the topic: “Programming on accountability and transparency; implications for management of projects and programmes in Nigerian universities.”
He stated that the major problem confronting project financing is that “the government policy may be in one direction, but we as partners may be going in another direction.
“The budget system is often starved thereby compounding the problems of lack of accountability.
The challenge of interest rate gains and devaluation of currency with diverse protection have consequences in budgeting which is always a major problem in the university system.”
The guest lecturer who listed accountability, transparency, and good governance as the three prong areas of interventions by the foundation in Nigeria, sued for a review in budgeting processes and deployment of technology in Nigerian universities.
He also called for flexibility in government policies, variation and fluctuation towards resolving conflicts between government policy and the regulations of World Bank and other related bodies on contract funding.
He said dialogue remains a potent weapon to unravel the puzzle created by the introduction of the Treasury Single Account (TSA) policy and challenged public and private sectors leaders to place incentives above sanctions.
Vice Chancellor of the university, Prof. Faraday Orumwense, whose goodwill message was delivered by the Deputy Vice Chancellor, Prof. Aziken Michael, described Dr. Shettima as a scholar who has helped to ginger ideas in the MacArthor Foundation for development in the past 20 years.
The Director, Centre of Excellence in Reproductive Health Innovation (CERHI), University of Benin, Prof. Friday Okonofua, said the centre recently got a renewal grant from the World Bank.
He said the centre should remain focused in building capacity within sub-Sahara African to address the challenges of population, reproductive health and development in the region.
