FG consults experts on budget deficit

The Special Adviser to the President Muhammadu Buhari on Economic Matters, Dr. Adeyemi Dipeolu, yesterday said the Federal Government will consider suggestions of economists on how it can generate $500 billion to fund the budget.

Professors of economy yesterday gathered in Ibadan to discuss how the Federal Government can generate $500b to fund budget rather than borrowing.

Among the professors at the event were: Emeritus Professor, Ademola Oyejide, Prof. Akpan Ekpo, Prof. Olu Ajakaiye, Dr Obadiah Mailafia, Prof. Emmanuel Nnadozie, Ben Akabueze and Dr Doyin Salami among others.

Dipeolu said the government was already working in that area to plug financial shortfalls, added that other areas were being added to it.

He said the need to take care of other areas made the government dialogue with oil producing communities which has resulted in increased oil production and export, the rejigging of the Federal Inland Revenue Service which led to the capturing of over 800,000 new companies into the tax net as well as land use reform and improving the manufacturing sector, among others.

Welcoming participants earlier, the Executive Vice Chairman, ISGPP, Dr Tunji Olaopa, said the “ISGPP is an independent think tank committed to raising the bar of reflection on how government can work better through research and provision of innovative platforms, as this one, for executive education of those connected with, and involved, in public policy making, implementation and feedback.

“The purpose is to deepen policy work while at once raising the bar of discourse, of policy conversation and the professionalism of policy makers, public managers and development workers.”

Leading discussant and the Chief Executive Officer (CEO), Economic Associates, Dr Ayo Teriba, who spoke on the topic ‘Transiting from Bust to Boom: Fiscal, Financial and Infrastructure Options’, spoke the minds of several notable economists as they endorsed his recommendations.