Dr Titus Okunrounmu, former Director, the Budgetary Department at the Central Bank of Nigeria (CBN), has advised the President Bola Tinubu-led Federal Government to reduce the cost of governance in order to stem the country’s debt profile.
Okunrounmu, who gave the advice while speaking on Thursday 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 these large number of 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.
“In addition, the federal government needs financial discipline to curb corruption in the Ministries, Departments, and Agencies (MDAs) to reduce the debt profile in the country,” he said.
Okunrounmu advised the federal government to redouble its efforts and work against policy somersault to encourage an influx of foreign investors into the country.