The Director-General, Budget Office of the Federation, Mr. Ben Akabueze, has said that private financing will be strategic in addressing infrastructural deficits in the economy.
Akabueze, who disclosed this yesterday in Lagos at the Institute of Directors (IoD) 2019 Fellows’ Night and Investiture, argued that private financing would also play a role in positioning the country for greater economic growth.
According to him, private sector will be able to identify the challenges confronting effective Public Private Partnership (PPP) in Nigeria and discuss with government how to address the challenges.
He also noted that the way to go was to use the limited resources at the disposal of government to make projects bankable.
Akabueze, who was represented at the event by his Technical Adviser, Prof. Olumide Ayodele, said professional associations such as IoD and other civil society organisations would play a role identifying the loopholes and point out areas where these costs could be reduced in the business of governance.
Akabueze, said: “Today at the public hearing, the Senate President said capital project is over bloated and there is need to look at procurement process, therefore this implies that even at the highest level of governance, there is concern on how to reduce spending.
“But reducing cost of governance will not just happen, it has to be demanded. This is why professional associations and civil society organisations are in the best positions to identify these loopholes and point out areas where these costs can be reduced in governance.”
In his remarks, the Chairman of Governing Council, IoD Nigeria, Chief Chris Okunowo, said traditionally, the IoD Nigeria confers fellowship status annually on deserving members who have meritoriously distinguished themselves in the service of the Institute in varying capacities, “while making notable contributions to the success stories of their respective companies and the Nigerian business community.”
He remarked that the annual fellows’ night and investiture was an event for the formal induction and celebration of the newly upgraded members of the institute to fellows, “they are those who have satisfactorily met the requirements of the hallowed status.”
According to him, “The role of Fellows of the Institute in the propagation of our ideals is unquantifiable and unless you all, as leaders, exhibit the collective will required for the progress of the institute, it would be difficult to galvanise the support from other members.
“We expect that Fellows of the Institute will lead the way in our advocacy train, by being the Ambassadors of the Institute in all their professional endeavours.
“We expect you all; to proudly wear the golden lapel pin of the institute at all times and to all places, so that others can see you as representatives of the institute.”