Cost of Governance too high- Soludo raises alarm

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By Busolami Idowu

Former Central Bank of Nigeria governor, Professor Charles Soludo has lamented the high cost of governance in Nigeria. He said the bad trend has been going on for too long.

The professor of Economics said this on a Channel TV programme stated that the cost of governance in the country is not just “too high”, but ‘outrageous’. “This is a problem that has gone on for too long, the cost of governance in Nigeria is without doubt too high, actually it is outrageous.”

Making reference to the National Economic Development and Empowerment Strategy, a group he chaired and coordinated for the Obasanjo administration ahead of the president’s second term ambition for the presidential seat, the University of Nsukka graduate said the problem was hinged out with a chapter dedicated solely for public sector reforms with an aim to streamline and cut-back what is going into the running of government.

It would also be recalled that Oby-Ezekwesili, a former minister of Education, recently raised an alarm on the cost of governance in Nigeria. Mr Soludo disclosed that he had observed that there were parastatals that weren’t even contributing anything to the development of the economy and are being funded by the then administration and when asked why they are not productive they based it on poor funding.

It was decided that if in five years the parastatals had declined in contribution to the government then the government can do without them as well hence, the scrapping of such parastatals came to light.

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