A former Nigerian Minister of Finance has urged the Federal Government to consider cutting the cost governance as part of measures to finance the year’s budget, noting that the country can no longer afford the expenses of the Presidential system.
Mr Olusegun Aganga who also served as the Minister of Industry, Trade and Investment, who said this in an interview with PUNCH warned that the Coronavirus pandemic will adversely impact the Nigerian economy.
He advised the government against copying remedial plans devised by Western countries, further urging the government to come up with a plan that considers the Nigerian environment.
His words, “We have to come up with a plan made by Nigeria and for Nigerians based on our peculiarities and resources. We cannot and should not aim to copy the western world hook, line and sinker, because we have a very different economy, the resources available are very different, the spending priorities and commitment as of today are different.
“Cut the wastages, block revenue leakages, and take this unique opportunity to cut the cost of governance. We all know that the presidential system of governance is an expensive one. And we now know we cannot afford it,” Mr Aganga added.
He also said the government should begin to diversify the Nigerian economy from being solely oil dependent, in the wake of a dwindling oil revenue.
