New Telegraph

Oronsaye Report, Revolutionary Approach To Fiscal Prudence – Minister

The Federal Government has described the recent decision to implement the recommendations of the Oronsaye Report on Public Sector Reforms as a clear demonstration of President Bola Tinubu’s adoption of a revolutionary approach and unwavering commitment to fiscal prudence and responsible governance.

The Minister of Information and National Orientation, Mohammed Idris who stated this on Wednesday in Abuja, noted that by implementing the twelve-year-old report the administration will be championing a comprehensive review of government‘s commissions, agencies, and parastatals to reposition them for greater efficiency while reducing the huge cost of governance in the country.

Idris disclosed that the Federal Executive Council ( FEC) took the decision in
recognition of the need to rationalise the size and scope of government, explaining that the decision will result in the merger of certain agencies and the scrapping of others that are redundant or have outlived their usefulness.

“The merger of some agencies and parastatals and the scrapping of others are not decisions taken lightly. It followed careful consideration and strategic planning to ensure that essential services are not compromised and that the needs of our citizens are adequately addressed while putting the interests of the nation first and foremost.

“Through the implementation of Oronsaye’s Report, President Tinubu aims to achieve significant cost savings by eliminating duplication of functions, streamlining administrative processes, and optimizing resource allocation. This proactive approach will enable the government to operate more efficiently while maintaining the quality and delivery of services to the Nigerian people.

“It is worth noting that these measures are not undertaken in isolation but are part of a broader strategy to reform and modernize government institutions by leveraging technology, promoting innovation, and fostering a culture of performance and accountability across all sectors,” he said.

The minister noted that the proposed reform required sustained commitment from all stakeholders, including public officials, civil servants, the media, civil society, and the general public.

According to Idris, Nigeria has already begun to reap the benefits of the reforms being spearheaded by President Tinubu which includes a GDP growth of 3.46 pet cent in the fourth quarter of 2023 as against 2.54 pet cent recorded in the third quarter of 2023.

He also disclosed that capital importation has equally risen to 66 per cent in the fourth quarter of 2023, reversing a 36 per cent decline in the third quarter.
” Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy.

The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.

It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.,” he said.

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