Former Minister of State for Finance, Remi Babalola, on Saturday advised the Federal Government to confront head-on the level of corruption in the country and focus on employment creation policies.
Babalola, who gave the advice as a guest at this month’s edition of Speaker Series Africa in Lagos, was however upbeat about Nigeria’s future outlook.
The former minister, who was asked questions ranging from the economy to politics and his public service experience, noted that unbridled corruption, lack of accountability and impunity were major challenges bedeviling governance in the country.
He said: “I am an incurable optimist on Nigeria.
“I believe the future is so bright you may need to wear a shade.
“But then it’s all about choices we make as a nation in respect of leadership options and development strategies.
“If we make the right choices, the future is unbelievably great.
“Transforming from poverty to prosperity is a reality closer than many people believe.
“There is a formula for success, which we have seen in China, India, Brazil and South Korea.
“We can add Malaysia and Indonesia for comparative analysis with Nigeria.
“In order to avoid bleak prospects in the future of the country, those entrusted with the public finances must endeavour as managers of our various economies to pursue initiatives aimed at strengthening fiscal responsibility, public procurement and effective management of debts.
“The government must confront corruption head-on.”
Babalola is the Vice Chairman of Law Union and Rock Insurance Plc.
He advised the three levels of government to ensure that more resources are allocated to projects that have direct bearing and touch the lives of the common man.
“The channel we allocate our resources is a major determinant of what beckons our society in the far horizon,” added the former Chairman of the Federation Account Allocation Committee.
Asked if he left government in 2010 due to the issue of the Nigerian National Petroleum Corporation’s N450 billion debt fuss, Babalola responded: “I don’t comment based on rumour but I am certain no virtue is comparable to standing upon the vantage ground of truth.”
He noted that he had no regret serving the nation, adding that service to the fatherland and humanity is the greatest endeavour in life.
When asked if he would ever run for a political office or take a political appointment again, the former minister said: “That is not in my immediate or near term plan.
“I do not know about the long term since they say never say never.”
Babalola advocated the encouragement of the brightest minds in governance and leadership of the country, adding: “We need to encourage our best and brightest minds in governance and leadership of Nigeria.
“They must however have their means of livelihood or sustainability and value system on solid ground.
“It will help them to remain independent and selfless in service.”
The monthly Speaker Series Africa is a youth motivational programme series that brings leading African business people to young professionals so they can learn from and be inspired by them.
It would be recalled that the programme had, amongst other previous guests, hosted the likes of: Chairman of Transnational Corporation, Tony Elumelu; Chairman of Access Bank, Gbenga Oyebode; and former Managing Director of Guinness Nigeria, Keith Richards.
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