RMAFC calls for cut in governance costs, endorses Oronsaye report

By Tom Okpe

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has decried the high cost of governance in Nigeria, saying that the trend stifles growth.

Chairman of the RMAFC, Mohammed Bello Shehu blamed various factors for the heavy governance burden, including the costly presidential system and rampant corruption, draining public resources and impeding economic progress.

Shehu emphasised the urgent need to address these challenges, calling for the adoption of the Oronsaye Report, which proposes streamlined government structures.

He expressed confidence that its implementation would significantly cut administrative expenses, allowing for redirected investments into critical sectors like infrastructure.

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Commending the government’s economic reforms and stability measures, Shehu underscored their importance in curbing inflation and bolstering investor confidence. He particularly lauded efforts to overhaul the Bureau De Change market, aiming for transparency and international standards.

Calling for synchronised efforts between monetary and fiscal authorities, Shehu urged a holistic approach to reforms, considering agencies established post-Oronsaye Report. He stressed the necessity of prudent resource allocation, especially in supporting Nigerians amidst the crushing effects of subsidy removal.

The RMAFC’s call for action underscores the imperative of addressing governance costs to foster Nigeria’s sustainable growth and development.