Titus Okunrounmu, a former director at the Central Bank of Nigeria (CBN), has called on President Bola Tinubu’s government to implement measures to reduce the cost of governance in 2025.
Speaking with journalists on Monday in Ota, Ogun State, Mr. Okunrounmu highlighted the growing burden of recurrent expenditures, attributing it to the high cost of governance. He emphasized that this trend has significantly impacted the nation’s finances, with debt servicing rising from ₦9.8 trillion in 2023 to ₦12.1 trillion in 2024.
Advocates for Focused Borrowing
The former CBN research director advised the federal government to restrict borrowing to capital projects that can generate revenue for loan repayment. He argued that this approach would ensure that borrowed funds are invested in productive ventures that stimulate economic growth.
Commends Refinery Resuscitation
Mr. Okunrounmu also praised the revival of the Port Harcourt refinery, which has resumed production of fuel and other petroleum products. He noted that this development could reduce Nigeria’s reliance on crude oil exports for refining abroad and eliminate the need to import refined products.
“This will enable the country to stop exporting crude oil for the importation of refined products. Additionally, Nigeria will have the opportunity to export refined petroleum products to other West African nations, thereby boosting revenue,” he said.
Call for Regular Maintenance
The ex-CBN director urged the Nigerian National Petroleum Company Limited (NNPCL) to ensure routine maintenance of the nation’s refineries to sustain optimal production capacity and enhance service delivery.
Mr. Okunrounmu’s remarks align with growing calls for fiscal prudence and improved economic management as the government faces mounting economic challenges.