By Adeyinka Adeniran
Former Chief Economic Adviser to former President Goodluck Jonathan, Professor Precious Garba on Thursday fingered those he described as the “so-called development partners” to “have been successful in building a Nigerian support base for uncontrolled external borrowing leading to a long term debt trap”.
She also warned political appointees “to treat financial advice from those in service with a lot of caution and avoid advice to overestimate expenses on the expectations that the National Assembly will cut them”
While speaking at her valedictory lecture to mark her voluntary retirement from the University of Ibadan, Professor Garba reflected on her experience working with President Goodluck Jonathan.
She is the first Female Professor in the department of Economics, and first female Dean, faculty of the Social Sciences, University of Ibadan.
She said, “Coordination and integration of Nigerian public sectors around a clear vision, pivoted on efficient and effective utilisation of Nigeria’s resources and people is critical to development, peace and the wellbeing of Nigerians and Nigeria”.
Speaking on the topic, “Exploring Development in Africa: My Journey across academia, The Field and the Public Sector, the Valedictory lecturer lamented that while her office presented evidences and reached out to the Debt Management Office to alert them to the dangers of their debt-increasing operations, “it is sad that despite our efforts, borrowing lobby was very strong and the Fiscal Responsibility Commission (FRC) is not sufficiently empowered to implement the Fiscal Responsibility Act (FRA) and the oversight by the National Assembly is ineffective”.
The Professor of Development Economics, therefore, tasked the Academia and citizens of Nigeria with the responsibility of surveillance on public finance.
She noted that “it is better to avoid debt that is doomed to be non-performing and has excessive long-term financial and economic costs than to manage its consequences.”
Professor Garba noted that the national and global political economy landscape is replete with “treacherous minefields that threatened citizens and favours “idiots” and “tribalists. ”
The former Chief Economic Adviser noted that while she was in government while “politicians dominated the citizens in terms of doing what they wanted in choice of strategy, policies, projects and projects loan’s even when these choices were not what the citizens wanted, however, powerful foreign players (NGOs, Business people of all shades, governments, bilateral and multilateral organisations) dominated the political leaders in the executive and legislative branches of government”.
The event which held at the Faculty of Law Large Lecture Theatre had in attendance retired professors, Vice Chancellor of the University of Ibadan, Professor Kayode Adebowale represented by the deputy Vice Chancellor Administration, Professor Peter Olapegba, Emeritus Professor Ademola Oyejide, the Dean of the Faculty of Economics and Management, Professor A.O, Folawewo, Head of department of Economics, Professor A.S Bankole among others.
Highpoint of the event was the unveiling of a book in honour of Professor Garba by former Vice Chancellor of the University Professor Abel Idowu Olayinka.
