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Foundation Blames Currency Devaluation On Projects Deficit Financing

MacArthue Foundation. Photo: THISDAY
MacArthue Foundation. Photo: THISDAY

Dr. Kola Shettima, the Country Representative of MacArthur Foundation, Nigeria, has listed currency devaluation as the underlying factor that is responsible for deficit projects financing globally.

Dr, Shettima made the declaration while delivering a lecture at the University of Benin (UNIBEN), on the topic; “Programming on Accountability and Transparency: Implications for Management of Projects and Programs in Nigerian Universities”.

According to him, the problem is that the government policy may be in one direction and partners may be in another direction.

“The budget system is often starved thereby compounding the problems of lack of accountability. The challenge of interest rate gain and devaluation of currency with diverse protection have consequences in budgeting which is always a major problem in the university system,” Shettima stated.

The Guest lecturer who listed accountability, transparency, and good governance as the three-prone areas of interventions by the Foundation in Nigeria, called for a review in budgeting processes and development of technology in Nigerian Universities.

He also called for flexibility on government policies, variation and fluctuation towards resolving conflicts between government policy and regulations of the World Bank and other related bodies on contract funding.

Shettima said dialogue remains a potent weapon to unravel the puzzle created by the introduction of the treasury single account (TSA) policy.

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