The Nigeria Employers Consultative Association, NECA, has stated that the delay in signing and implementing the 2016 budget is giving Nigeria bad image before the international community.
The Director-General of NECA, Segun Oshinowo made this observation while speaking with newsmen, shortly after the Acting Managing Director of Nigeria Social Insurance Trust Fund, NSITF, Ismail Agaka visited him in his office. He wondered why those responsible with the drafting and passing the budget would not complete and pass budget before the beginning of any fiscal year.
He explained that, “Corporate governance is a system, methods, processes and procedures that governs organizational businesses. Where there is a breakdown in the procedure, there would be negative impact not only on the organization, but also on other stakeholders who relate with the organization.
“It is no secret that not only NSITF, but also the public sector over the years has witnessed this dysfunctional corporate governance. What we are therefore doing at the NSITF is in tandem with the change mantra of the present administration.”
According to him, “The inability of the National Assembly and executive to produce the 2016 budget is saying something silently loud about our country. I think it is shameful that there is no budget four months into the year.”
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