Ota (Ogun), Jan. 6, 2025 -Dr Titus Okunrounmu, a former Director at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in 2025.
Okunrounmu gave the advice while speaking to the News Agency of Nigeria (NAN) in Ota, Ogun State, on Monday.
He said the high cost of governance had led to increased recurrent expenditure.
The former CBN director of research said that debt servicing by the Federal Government had consequently increased from N9.8 trillion in 2023 to N12.1 trillion in 2024.
He advised the Federal Government to borrow for capital expenditure alone so as to facilitate repayment through proceeds from the projects.
Okunrounmu also commended the resuscitation of the Port-Harcourt refinery, describing it as a welcome development to boost to Nigeria’s economy.
“This will help the federal government to stop exporting crude oil for importation of refined products into the country.
“In addition, the country would be able to export refined petrol products to West African countries, thus generating more revenue”, he said.
The ex-CBN director also advised the Nigeria National Petroleum Company Limited (NNPCL) on regular maintenance of the refineries for optimal capacity production and service delivery. (NAN)
