MacArthur Foundation blames deficit projects financing on currency devaluation

By Osaigbovo Iguobaro, Benin

MacArthur Foundation has listed currency devaluation as the underlying factor that is responsible for deficit projects financing globally.
The Country Representative of MacArthur Foundation, Nigeria, Dr. Kola Shettima made the assertion while delivering a lecture in University of Benin (UNIBEN) at the weekend.
Shettima spoke on the topic: “Programming on Accountability and Transparency: Implications for Management of Projects and Programmes in Nigerian Universities”.
“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, sued 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 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 MacArthor 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 remain focus in building capacity within the Sub-Sahara African Countries to address the challenges of population, reproductive Health and development in the region.