Oluwole Ige, Author at Sporting Tribune

The Director-General of the Budget Office of the Federation, Nigeria, Mr Ben Akabueze, highlighted the crucial role of strong leadership and political will in addressing the nation's escalating cost of governance. He described the unsustainable growth of recurrent expenditure in the annual budget at the expense of capital expenditure and critical sectors as a major concern. Akabueze urged political actors to disregard the consequences and make tough decisions and choices that would facilitate the country's development. Speaking at the monthly seminar series organized by the Nigerian Institute of Social and Economic Research (NISER) in Ibadan, Oyo State, titled "Cost of Governance and Development in Nigeria," Akabueze emphasized the need to take far-reaching decisions regarding the drivers of the cost of governance, including the transactional aspect of governance. Represented by Professor Olumide Ayodeji, Akabueze acknowledged the readiness of President Bola Tinubu's administration to make difficult choices but drew attention to the indicators of the high cost of governance. According to Akabueze, "Unicameral legislature is one of the potent ways to address the high cost of governance. Unfortunately, the lawmakers who will pass a bill or legislation on it are part of the arm of the political class contributing to the rising cost of governance." He further explained, "Oil wealth and the craze by some people to have a share of the national cake fuels the cost of governance. We are using 60 per cent of our revenue to service debt, and we are borrowing to pay salaries. The window to borrow is limited. We have to explore civil engagement to checkmate this problem. A situation where a political office holder after spending a maximum of eight years goes home with huge emoluments more than a civil servant who served for 35 years should be addressed." Akabueze stressed the need for a comprehensive approach to address the high cost of growing personnel, suggesting that allowances should be based on roles and responsibilities. He called for a salary compendium for Ministries, Departments, and Agencies (MDAs) and questioned the earnings of staff at institutions such as NNPC and CBN. Professor Taiye Simbine, the Director-General of NISER, stated that the cost of governance should not significantly exceed the benefits and well-being provided to the citizenry. She emphasized the importance of striking a balance in the allocation of resources. Gabriel Okeowo, the country director of BudgIT Nigeria, contributed to the discussion by highlighting that the blame for the high cost of governance cannot be solely attributed to political officeholders, as public servants also contribute to the issue through practices like salary and budget padding, non-disclosure or partial disclosure of government expenditure, and other sharp practices. YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE Why Nigeria’s economy needs prayer — Primate Ayodele The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele has revealed that Nigeria’s economy needs prayers to… EXCLUSIVE: DSS recovers 18 bags of currency, documents from Emefiele’s Lagos residence No fewer than 18 Ghana-must-go bags containing money and documents have been carted away by operatives of… Ladies should have between N5m to N10m before getting married — BBNaija’s Doyin Former Big Brother Naija season 7 ‘Level Up’ housemate, Doyinsola Anuoluwapo David, popularly known as Doyin, has enjoined ladies to… Peter Obi still best candidate for better Nigeria — Obasanjo Former President Olusegun Obasanjo has described presidential candidate of the Labour Party (LP) in… GWR: Chef Dammy plans to unseat Hilda Baci with 150-hour cook-a-thon The 22-year-old chef, Damilola Adeparusi, popularly known as Chef Dammy, has revealed her plans to... TRANSFER NEWS: Chelsea agree deal for 21-year-old Senegalese striker According to The Athletic, Chelsea has agreed to personal terms with Villarreal’s Senegal striker Nicolas Jackson, 21, who has a release clause of…

Oluwole Ige

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