• Tue. Apr 23rd, 2024

RMAFC Commends President Tinubu’s Adoption of Oronsanye Report To Cut Governance Costs

ByHybrid News

Mar 10, 2024

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has lauded the administration of President Bola Ahmed Tinubu for embracing the Oronsanye Committee Report, endorsed by the Federal Executive Council (FEC), as a proactive measure to reduce the high cost of governance through the restructuring and rationalization of Federal agencies, parastatals, and commissions.

In a press release signed by Mr. Mohammed Bello Shehu, Chairman of the Commission, it was noted that the escalating cost of governance in Nigeria had led to a reduction in infrastructure provision, social services, and subsequent decline in investment, coupled with high unemployment rates and rising insecurity. Shehu emphasized that effective resource management is pivotal for sustainable national development.

Highlighting the factors contributing to the high cost of governance, Shehu cited the expensive nature of the presidential system of government, bureaucratic redundancies, corruption, security challenges, and extravagant spending. He stressed the need for concerted efforts to address these issues, advocating for prudent expenditure and prioritization of developmental projects.

The RMAFC Chairman expressed optimism that the comprehensive adoption of the Oronsanye report by the Tinubu administration would significantly reduce governance costs, thereby freeing up funds for critical infrastructure development. He commended President Tinubu’s fiscal and monetary policies aimed at promoting price and exchange rate stability to stimulate economic growth and protect citizens’ livelihoods.

Shehu applauded the administration’s initiative to reorganize the Bureau De Change Market, citing its potential to enhance market transparency, credibility, and regulatory oversight. He underscored the importance of such policies in reducing exchange rate volatility, attracting foreign investment, and fostering financial inclusiveness.

In urging synergy between monetary and fiscal authorities, Shehu emphasized the importance of implementing the Oronsanye report to achieve a stable exchange rate, control inflation, and create a conducive business environment. He called for a holistic approach to address agency duplication and optimize resources for infrastructure development.

Finally, in light of the subsidy removal, the RMAFC Chairman urged the Federal Government and States to utilize increased FAAC allocations judiciously to provide adequate palliatives for the populace, alleviating their economic burdens.

The RMAFC’s endorsement of President Tinubu’s governance reforms reflects a commitment to enhancing fiscal discipline, transparency, and efficiency in government operations, ultimately fostering sustainable national development and economic prosperity.

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