Nigeria requires a 60% decrease in the cost of governance, according to Peter Obi, the presidential candidate for the Labour Party (LP) in 2023.
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According to Obi, President Bola Tinubu’s decision to lower the expense of the Federal Government’s official entourage on travels was only the tip of the iceberg.
He questioned why the amount that would be saved as a result of the reduction had not been revealed by the administration.
Tinubu had pledged on Tuesday a 60% reduction in government officials’ travel expenses.
This cutback impacted ministers, First Lady Remi Tinubu, Vice President Kashim Shettima, and his entourage.
“The recently announced 60% cut in the size of federal official entourages on travels is one positive step towards the reduction of cost of governance and a way to halt wastage,” Obi wrote on X in response. But because of its narrow scope and tiny potential savings, this policy is merely the tip of the iceberg.
The total amount of savings that will result from this is unknown. Although there is some merit to this small step, it would be preferable to see a 60% decrease in the number of federal officials travelling abroad and a 60% reduction in the size of delegations.
Most significantly, a 60% decrease in the overall cost of federal governance is what the current state of the economy requires. This suggests that any excessive and superfluous spending in the recently approved government budget needs to be eliminated.
This is the amount of savings and cost-cutting that can have a significant impact on the status of the economy right now. This degree of government cost reduction should result in significant savings.
