Insolvency expert tasks President-elect on high cost of governance reduction

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Lagos, – Mr Dele Odunowo, President, Business Recovery and Insolvency Practitioners of Nigeria (BRIPAN), on Tuesday urged the incoming government to evolve administrative modalities that would reduce the cost of in Nigeria. Odunowo told the News Agency of Nigeria (NAN) in Lagos that the cost of maintaining government officials and bureaucracy had impacted negatively on development. He said the nation’s economy had failed to witness quantum growth because of the associated wastage incurred maintaining officers and politicians. “If you quantify the amount that governors and other government officials spend on private jets and on their large retinue, it be beneficial to other areas of the economy. “If some of these costs are reduced, the other sectors that have been suffering due to lack of funds will be funded better. “Areas like adequate funding for Small and Medium Enterprises (), medical, industrial and economic researches needs to be improved and sustained.

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“Another practice that has been causing stress on the nation’s currency, the Naira is . “If only the government can divert some unnecessary expenses towards equipping and building teaching hospitals, the nation’s economy will witness tremendous growth,’’ he said. Odunowo urged the President-elect and his incoming government to build on the extant policies of the current administration for sustained growth and dividends. He also urged the incoming government to focus on power, , agriculture, health and transportation which would serve as major spinners for the nation. The BRIPAN president also urged that the existing bilateral agreements with foreign governments be fully explored for the nation’s socio-economic growth. (NAN)