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The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has lauded President Bola Tinubu for embracing the Oronsanye Committee Report, recently endorsed by the Federal Executive Council (FEC), as a strategic measure to address the issue of high governance costs by restructuring and rationalizing federal agencies, parastatals, and commissions.
In a statement issued by Mohammed Shehu, the chairman of RMAFC, it was emphasized that the bloated cost of governance has hampered infrastructure development, social services provision, and overall investment in the country, leading to elevated unemployment rates and heightened insecurity levels.
Shehu highlighted the imperative for Nigeria to adopt a competent and cost-effective management system capable of optimizing national resources for the collective benefit of all citizens. He reiterated RMAFC’s longstanding advocacy for reducing governance costs and providing recommendations to scale down unnecessary expenditures, urging governments at all levels to prioritize developmental projects that directly enhance the welfare of the populace.
Identifying key factors contributing to Nigeria’s high governance costs, Shehu cited the expensive nature of the presidential system of government, bureaucratic redundancies, institutional duplications, and endemic corruption. Additionally, he underscored challenges such as infrastructure deficiencies, escalating security expenses due to insurgencies and criminal activities, as well as the burden of domestic and foreign debts on public finances.
