Finance Director Calls For Restrategising Of Economy

The Executive Direc
tor, Finance and Accounts, Federal Road Maintenance Agency, (FERMA) Taiwo Ladipo has called on both state and Federal Governments to restrategise on their economic policies, taking into account the current monetary challenges in the country.
He said that the call has become necessary with the reduction of oil revenue, insecurity, weakening of naira and decline in foreign reserves.
Ladipo, who made the call at the National Treasury Workshop, organized by the office of the Accountant-General of the federation in Abuja said that time has come for government to change tactics in the running of the economy, so as to overcome current challenges.
He said that there is need for the government to merge MDAs with overlapping functions in order to cut cost, and that the Bureau for Public Partnership (BPP) should be encouraged to compile a list of pricing that all MDAs must adhere to.
“Importation of goods that can be produced locally should be discouraged. Also, the Federal Government should eliminate waivers given to certain corporations on importation.
“Tax administration in the country needs to be improved and leakages of revenue generated should be curbed also in the country”, he said.
He also called for the reduction of recurrent expenditure in the country, pointing out that about 80 per cent of government’s revenue was spent on recurrent, rather than on capital expenditure.

A structure at the new site of the Pan African Health Foundation for AD Syring Plant in Port Harcourt. Photo: Chris Monyanaga