Federal government needs financial discipline to curb corruption says ex-CBN Director, Dr. Titus Okunrounmu. One way to go is to reduce cost of governance.
He believes that the long list of ministerial portfolios is over bloated for a nation with huge debt.
Has it occurred to you that the appointment of ministers has a huge cost implication on the lean pocket of the Federal Government.
With all the noise about high inflation bedeviling the economy, food price hike and infrastructural deficit, one would think that the government would be prudent with appointments.
Basically, these ministers will get an over-bloated salary and official cars, even as the ordinary Nigerian continues to face serious hardship in the country.
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High Cost Of Governance
Former director of budgetary dept, at the CBN, Dr. Titus Okunrounmu, has urged FG to reduce cost of governance.
Also, Okunrounmu described the list of ministerial portfolios as over bloated for a country with a huge debt profile.
Furthermore, he highlighted that funding the nation’s recurrent budget with borrowing does not need these large number of ministers and bloated special assistants.
According to him, this huge number, inevitably, must allow for allowances and official vehicles.
Revenue May Not Suffice
“This excess baggage was not projected for in the 2023 Federal Budget and the revenue estimates could not cover the recurrent budget.
“In addition, the Federal Government needs financial discipline to curb corruption in the Ministries, Departments and Agencies (MDAs) to reduce debt profile in the country,” he said.
Also, Okunrounmu advised the Federal Government to redouble its efforts to encourage influx of foreign investors into Nigeria.
