MacArthur Foundation Blames Currency Devaluation On Projects Deficit Financing

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), Benin City.

Shettima who spoke on the topic: “Programming on Accountability
and Transparency: Implications for Management of Projects and
Programmes in Nigerian Universities”, declared, “the problem is
that government policy may be in one direction; We as partners may
be in another direction”.

He said: “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”.

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

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

The Country representative, challenged leaders in public and
private sectors to place incentives above sanctions which he said
is also important.

The Vice-Chancellor of the University, Prof. Faraday Orumwense
whose goodwill message was delivered by the Deputy Vice-Chancellor
of the institution, Prof. Aziken Michael, described Dr Kola
Shettima as a scholar who has helped to ginger ideas in the
MacArthur Foundation for development in the past 20 years.

The Director of Centre of Excellence in Reproductive Health
Innovation (CERHI), University of Benin, Prof. Friday Okonofua,
said the centre recently got a renewal grant from the World
Bank.

He said the Centre will continue to focus on building capacity
within the Sub-Sahara African Countries to address the challenges
of population, reproductive health and development in the
region.