Titus Okunrounmu, a former Central Bank of Nigeria (CBN) director, has advised President Bola Tinubu’s government to reduce the cost of governance to stem the country’s debt profile.
Mr Okunrounmu, who gave the advice Thursday in an interview in Ota, Ogun, described the list of ministerial portfolios on Wednesday as over-bloated for a country with a huge debt profile.
According to him, funding the nation’s recurrent budget with borrowing does not need many ministers and bloated special assistants, which inevitably must allow for allowances and official vehicles.
“These excess baggage was not projected for in the 2023 federal budget and the revenue estimates could not cover the recurrent budget,” stated Mr Okunrounmu. “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.”
Mr Okunrounmu advised the Tinubu government to redouble its efforts and work against policy somersault to encourage an influx of foreign investors into the country.