The Federal Government of Nigeria has introduced a new set of targets for ministries, departments, and agencies (MDAs) to improve their performance and reduce bureaucratic delays. According to Finance Minister Taiwo Oyedele, the next phase of Nigeria's economic reforms will focus on addressing everyday challenges businesses face when dealing with government institutions. This move aims to create a business environment that encourages investment, expansion, and job creation.
The proposed 'One Government' approach requires agencies to coordinate their activities, ensuring businesses face fewer conflicting demands from different institutions. Oyedele emphasized that where mandates overlap, the goal should be one lead agency, one process, and one fee. He also called for stakeholder consultations before introducing new regulations, alongside economic impact assessments, inter-agency coordination, and reasonable notice before major policy changes.
The Finance Minister directed agencies to remit government revenues promptly, transfer operating surpluses to the Consolidated Revenue Fund, and submit audited accounts as required by law. Agencies' performance will be assessed through measurable results, including service delivery timelines, reduced regulatory costs, and compliance with published deadlines. This move seeks to strengthen public accountability and improve service delivery.
Oyedele acknowledged that the Ministry of Finance must also address internal bottlenecks, including slow approvals, delayed releases, and outdated rules. To ensure effective implementation, the ministry will review submissions from participating agencies and provide specific feedback within four to six weeks. The draft framework will subsequently be circulated for further consultations, with each agency expected to agree to measurable commitments subject to periodic reviews.
The new targets are part of a broader effort to eliminate overlapping regulations and reduce the cost of doing business in Nigeria. By streamlining government processes, the administration aims to encourage investment, expansion, and job creation. The 'One Government' approach is expected to improve the business environment and promote economic growth.
According to Oyedele, the initiative will help to identify and address regulatory challenges and improve the overall business environment. The Ministry of Finance will work closely with other government agencies to ensure the successful implementation of the new targets. The move is expected to have a positive impact on the economy and improve the lives of Nigerians.
The Federal Government's efforts to improve the business environment have been welcomed by stakeholders, who see it as a step towards promoting economic growth and development. The new targets are expected to be implemented in a phased manner, with regular reviews to ensure progress and identify areas for improvement. The government remains committed to creating a business-friendly environment that attracts investment and promotes economic growth.
Key points
- The Federal Government sets performance targets for MDAs to reduce delays and eliminate overlapping regulations.
- The 'One Government' approach requires agencies to coordinate their activities to improve the business environment.
- Agencies' performance will be assessed through measurable results, including service delivery timelines and reduced regulatory costs.
