The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has expressed appreciation to President Bola Tinubu for endorsing the Oronsaye Committee Report, which was recently approved by the Federal Executive Council (FEC). This move is seen as a crucial step towards addressing the burgeoning cost of governance by restructuring and rationalizing federal agencies, parastatals, and commissions.
Mohammed Shehu, Chairman of RMAFC, emphasized in a statement over the weekend that the excessive cost of governance has led to a reduction in infrastructure provision and social services, contributing to decreased investment, heightened unemployment, and escalating insecurity in the country. He stressed the necessity for developing a competent and cost-effective management system to maximize national resources for the collective benefit of all citizens.
Highlighting RMAFC's longstanding advocacy for reduced governance costs, Shehu underscored the commission's role in offering comprehensive suggestions and recommendations to all levels of government. These recommendations aim to curtail unnecessary expenses and monitor developmental projects' expenditure to ensure positive impacts on citizens' lives.
Shehu attributed Nigeria's high governance costs to various factors, including the expensive nature of the presidential system of government, bureaucratic redundancies, corruption, infrastructure failures leading to expensive public service delivery, and escalating security expenses due to insurgencies, kidnappings, and other criminal activities.
He further pointed out challenges such as multiple salaries and severance allowances, extravagant expenditures, mounting domestic and foreign debts, and institutional weaknesses in enforcement mechanisms. The adoption of the Oronsaye Committee Report is seen as a significant step towards addressing these multifaceted challenges and fostering a more sustainable and efficient governance system in Nigeria.
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