Professor Precious Garba, former Chief Economic Adviser to ex-President Goodluck Jonathan, has warned political office holders to treat financial advice from within the system with utmost caution, citing the growing risk of Nigeria falling into a long-term debt trap.
Garba gave the warning on Thursday during her valedictory lecture titled “Exploring Development in Africa: My Journey Across Academia, The Field and The Public Sector,” held at the Faculty of Law, University of Ibadan, as part of events marking her voluntary retirement from the institution.
She specifically urged public officials to be wary of counsel encouraging them to inflate budget estimates under the assumption that the National Assembly would make downward adjustments.
“Avoid advice to overestimate expenses on the expectations that the National Assembly will cut them. Such practices are deceptive and dangerous,” she said.
The renowned development economist further decried the influence of international development partners, accusing them of enabling Nigeria’s unsustainable borrowing practices.
“The so-called development partners have been successful in building a Nigerian support base for uncontrolled external borrowing, leading to a long-term debt trap,” Garba stated.
Highlighting her experiences in academia, fieldwork, and public service, Garba lamented that Nigeria’s political economy often rewards incompetence and tribalism over expertise and vision.
“The national and global political economy landscape is replete with treacherous minefields that threaten citizens and favour ‘idiots’ and ‘tribalists,’” she said.
Garba also revealed that, during her time in government, her office had presented evidence and made efforts to engage the Debt Management Office (DMO) to warn against escalating debt obligations.
She emphasized the need for the coordination and integration of Nigeria’s public sector around a clearly defined vision, with emphasis on efficient resource utilization and people-centered policies.
“Coordination and integration of Nigerian public sectors around a clear vision, pivoted on efficient and effective utilisation of Nigeria’s resources and people, is critical to development, peace and the wellbeing of Nigerians,” she concluded.
Garba’s remarks have since sparked debate among economic stakeholders, especially amid rising public debt concerns and growing calls for fiscal reform in Nigeria.
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