By Adewale Sanyaolu
A former Deputy Governor of Osun State, Senator Iyiola Omisore, has assured Nigerians that the N2.243 trillion earmarked for capital projects in this budget would grow and stabilize the economy.
Omisore, in his new year message, was equally upbeat that the N2.9 trillion voted for capital projects in the budget would give succour to the citizens in this year
“Many of our people have been pauperized; state governments have not been able to take care of their recurrent expenses leading to a static situation, while civil servants are the worse hit.
In the face of all these, our people have remained peaceful and loyal to their nation. They deserve commendation and appreciation,” he said.
Omisore, a former Senator of the Federal Republic of Nigeria who represented Osun East senatorial district in Osun State from 2003 to 2009, commended the people of his home state for their steadfastness and perseverance in the face of the present economic adversity.
The former Senator who recently graduated with a Ph.D in Infrastructure Finance from the International School of Management, Paris, France, reassured the citizens of Osun and Nigeria in general that the current recession biting the nation will soon become a thing of the past.
Making reference to the ‘2017 budget of Recovery and Growth’ presented to the National Assembly by President Muhammadu Buhari, Omisore averred that “with the renewed efforts of the Buhari administration at reinvigorating the economy, and if the 2017 budget is anything to go by, the economy should be able to pick up by second quarter of 2017.
He advised both the federal and states governments to make welfare of the citizens paramount in their planning.
He emphasised the need for infrastructural development at both state and federal levels, expressing positive feelings on the 30 percent of the 2017 federal budget dedicated to capital projects.
He, however, stated that the best way to achieve infrastructural growth is to fully embrace the Public Private Partnership (PPP) model as being done in all developed economies.
“PPP is the only way to cover up the country’s infrastructure deficit. There is no government in the world that can fund infrastructure alone. But if it is a private sector partnership with the government, the private investor knows that he would recoup his investment, and would be diligent in what he is going to buy.
He would look for durable materials. That is why the PPP option is what I have been canvassing.
Apart from the fact that the fund is enormous, it brings integrity into the process, guarantees durability and reduces cost,” he stated.
Omisore recalled that when he was in the senate, he had tried to bring his ideas on infrastructure financing to bear on government business but was often frustrated.
“I called inter-ministerial meetings to try to bring the ministers together, but they frustrated it. Because of the structure of government and the ego of our people, they find it difficult to work together,” he lamented.
On ways out of the current financial crunch in the country, he advised the Central Bank of Nigeria (CBN) to come out with a standard exchange rate for the country.
According to him, the current multiplicity of exchange rates for different purpose creates room for corruption, while also recommending the elimination of deficit budgeting, adding that the county must find a way of financing its budget.