High cost of governance contributing to poverty in Nigeria-Expert

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By Suleiman Shehu

Ibadan – An Economist, Prof. Ibidayo Ajayi, the cost of in Nigeria is a factor contributing the poverty rate in the country.

Ajayi made the disclosure on Tuesday at the 2020 Aquinas Lecture of Dominican University, Ibadan.

The professor of economics said Nigeria must take a critical look at the cost of with a view eliminating various sources of waste in the economy.

“The amount of money Nigeria spends on is too much.

” The remuneration given those in government as well as ex-governors is too much compared the rest of the economy.

“Nigeria cannot sustain the cost of governance and there is the need to bring a level of and equity in our payment system to reduce poverty in Nigeria,” Ajayi said.

He also lamented the wide gap between the rich and the , linking this to the insecurity in the country.

The economist emphasised that the role of government was to improve on the well-being of its citizens, adding that Nigeria must get its priority right in order to grow the economy and reduce poverty.

Ajayi also called on the Federal Government to diversify the economy, saying it would be wrong to rely on to drive the future growth and of the country.

“Agriculture the ace for wealth creation in our environment and we must focus on various value chains in agriculture.

“We need to focus on value-added agricultural centres for the of agro-allied industries and manufacturing industries which are needed in our economy in large numbers,”Ajayi said.

Earlier, Prof. Anthony Akinwale, the of Dominican University, had wondered why Nigeria being an rich country had remained home to an impoverished population.

According to Akinwale, Nigeria is blessed with abundant that can improve the well-being of if properly utilised.

He called on the Federal Government to make the welfare of the citizens a priority.

Akinwale said that Dominican University, in its third year of establishment, would by 2021 produce its first graduates.