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National Debate Needed as The Cost of Running Nigeria is Too High- Osinbajo

Professor Yemi Osinbajo, who is the Vice President of Nigeria, has said that a national debate is needed to look into the many issues plaguing the country in the area of governance, especially in the area of cost and sustainability.

It was at a webinar organised by Emmanuel Chapel, themed, ‘Economic stability beyond COVID-19’, on Friday, that Osinbajo said this, as he responded to questions asked him by former Central Bank Governor, Muhammed Sanusi.

Sanusi opined that the way Nigeria is set to operate or run, will always makes it bankrupt.

The former CBN governor said, “The greater Atlanta (in the United States) has a Gross Domestic Product that is higher than that of the Federal Republic of Nigeria, and Atlanta is not the richest city in the United States.

“I don’t want to be disrespectful, but the annual sales of Tesla exceeds the budget size of our country, so should we not begin to cut our coat according to our cloth; should we not begin to look at all these costs and the constitution itself; maybe turn the legislators to part-time lawmakers, have a unicameral legislature instead of bicameral, have the local governments run by employees of the Ministry of Local Government Affairs? We just need to think out of the box to reduce structural cost and make government sustainable over the long term.”

In his response, Osinbajo said, “There is no question that we are dealing with large and expensive government, but as you know, given the current constitutional structure, those who would have to vote to reduce (the size of) government, especially to become part-time legislators, are the very legislators themselves. So, you can imagine that we may not get very much traction if they are asked to vote themselves, as it were, out of their current relatively decent circumstances.”

“So, I think there is a need for a national debate on this question and there is a need for us to ensure that we are not wasting the kind of resources that we ought to use for development on overheads. At the moment, our overheads are almost 70 per cent of revenues, so there is no question at all that we must reduce the size of government.”

“Part of what you would see in the Economic Sustainability Plan also and several of the other initiatives is trying to go, to some extent, to what was recommended in the (Steve) Oransaye Report, to collapse a few of the agencies to become a bit more efficient and make government much more efficient with whatever it has.”

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