The senator representing Bayelsa West in the National Assembly, Seriake Dickson, has called for increased transparency in Nigeria’s oil sector and expanded efforts to protect vulnerable groups through social safety programmes.
Dickson, a former Governor of Bayelsa State, made this appeal on Friday while delivering a convocation lecture at the Nigerian College of Accountancy in Kwall, Bassa Local Government Area of Plateau State.
The lecture was part of the convocation ceremony for the graduating classes of Courses 29 and 30.
In his lecture titled “The Impact of Government Policies on Economic Development in Nigeria: Challenges and Sustainability,” Dickson underscored the critical role of government policies in shaping economic outcomes.
He noted how deregulation, privatisation, and reduced investments have impacted Nigeria’s economic landscape.
“Governance is good when it meets the needs of the people within the limits of available human and capital resources,” Dickson said, highlighting the need for prudent resource management.
Key Challenges Facing Nigeria’s Policies
Represented by Professor Sunday Mlanga, the senator identified corruption, political instability, lack of effective policy implementation, and inadequate infrastructure as major obstacles to economic growth.
These issues, he argued, have slowed down Nigeria’s development and undermined government policies.
Dickson stressed the importance of sustainability in policymaking, advocating for long-term strategies to promote economic growth rather than short-term fixes.
The senator outlined four critical areas that Nigeria must address to achieve economic stability and poverty reduction:
Transparency in the Oil Sector: He urged the Federal Government to improve accountability in the oil industry, emphasizing the importance of removing fuel subsidies.
Boosting Non-Oil Revenues: Dickson called for better tax policies to increase non-oil revenue.
Cutting Government Waste: He advocated for reducing wasteful spending and channeling funds into poverty-focused programmes.
Realistic Budgeting: He emphasized the need to adhere to realistic budgets to avoid unplanned expenditures.
Dickson also highlighted the importance of maintaining tight monetary policies, unifying exchange rates to reflect market realities, and expanding the foreign exchange market to improve economic stability.
The Director General of the Nigerian College of Accountancy, Dr. Friday Akpan, commended Dickson for delivering a lecture that addressed Nigeria’s pressing economic challenges.
Akpan described the senator’s insights as timely and relevant, particularly for policymakers and stakeholders.
The event also celebrated the graduation of over 5,600 students from various programmes, with attendees praising the senator’s call for impactful and sustainable governance.