Showing posts with label Diamond Bank. Show all posts
Showing posts with label Diamond Bank. Show all posts

Tuesday, May 9, 2023

ViG: Imperative Of Reducing Cost Of Governance

 By Ayo Oyoze Baje

“The only way out of the valley is uphill”
 –Anonymous

If there is one persisting, yet critical issue of national importance that must be frontally tackled by the incoming administration, after May 29, 2023 it has to be that of drastically reducing the huge burden of the cost of governance. So debilitating it has become that it is weighing down the steps towards economic recovery. Though the cost of governance is incurred by the government in the course of providing goods and services to the citizenry, the statistics on its effects on the national economy and the human development index are humongous and unsustainable.

*President Buhari 

For instance, as at April 2023 it was revealed that Nigeria reportedly spends 96.3 percent of its revenue on debt servicing! That is up from 83.2 per cent in 2021. And the World Bank has raised a timely warning on how the fiscal deficit has worsened the nation’s public debt stock. But that is just part of the scary figures on our worsening economic paradigm.