Disregarding Fiscal Principles Breed Corruption, Indiscipline – Lecturer
By Dennis Udoma, Uyo
A renowned Professor of Economics at the University of Uyo, Akwa Ibom State, Professor Emmanuel Onwioduokit has described fiscal indiscipline as government’s inability to responsibly manage public funds.
He disclosed this at the 3rd Public Lecture organized by the Faculty of Management Sciences of the University tagged, “Fiscal Indiscipline and Public Sector Accountability in Nigeria”.
Professor Onwioduokit, who was the guest lecturer at the event said, this happens as a result of over spending, inefficient allocation of resources, and disregard for sound fiscal principles, thereby creating fiscal imbalance manifesting in budget deficits, rising debts, inflationary pressures and unsustainable policies.
Onwioduokit attributed weak budgetary management in Nigeria as the chief driver of fiscal indiscipline thereby constantly threatening the nation’s economic stability.
He further explained that corruption, inadequate checks and balances, and the desire to meet political objectives continuously exacerbate fiscal indiscipline.
This, he said, results in high inflation, excessive debt and dwindling investor confidence, all compromising the country’s long term capacity to address development challenges.
The lecturer expressed disgust over Nigeria’s attitude in borrowing funds to finance recurrent expenditures like salaries and subsidies instead of of capital projects to generate long term returns.
He pointed out that borrowing can stimulate growth if directed towards productive investments that aligns with broader public interest.
Onwioduokit suggested that to combat fiscal indiscipline, it would be crucial to improve institutiontional frameworks and strengthen anti-corruption measures by enforcing public audits, performance evaluations, and civil society engagement to provide checks on government action.
The Guest lecturer, however, admitted that fiscal discipline and public sector accountability are essential for Nigeria’s economic stability and sustainable growth.
He noted that strengthening accountability would curb corruption, enhance resource management, and promote efficient allocation of funds toward projects that drive development.
He commended the Dean of the Faculty of Management Sciences, University of Uyo, Prof. Uduak Ubom for granting him the opportunity to address the issue of fiscal mismanagement and the need for robbust public sector accountability, that lies at the heart of Nigeria’s economic and social progress.
