Utomi tags Buhari’s govt bad managers for blaming recession on oil price fall

Professor Pat Utomi on Wednesday accused the President Muhammadu Buhari-led government as cause of the present economic recession in Nigeria.

The present Federal Government had continued to blame the failure of past administration to save for the rainy day and fall in oil price as the cause of the economic downturn in the country.

But speaking on Wednesday as a guest lecturer at Dr Emmanuel Egbogah Budget Roundtable, organised by the Business School of Nnamdi Azikiwe University, Awka, Anambra State, Utomi said it was not true that the fall in oil price caused the persisting recession in the country.

Utomi spoke during a lecture entitled, “Budget Processes In Nigeria: Challenges And Implications For National Development.”

According to him, those blaming fall in oil price are nothing but bad managers.

He said “Our major problem is that we lack planning and budget discipline. In beginning of a budgeting process, it must be matched with where the people are going; but beyond revenue and expenditure, budget has to do with discipline and execution.

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“Those blaming fall in oil price were just bad managers. That was not the cause of this recession.”

Decrying the backwardness of Nigeria, Utomi blamed the events of 1966 that saw a gang of military boys hijack the leadership of the country as a major set back in the country’s quest for development.

He added that the same characters had remained in power since then in different guises.

 

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