A former Director of Central Bank of Nigeria, Dr. Titus Okunrounmu, is advising the Federal Government to strategically reduce the cost of governance in 2025.
He gave the advice in an interview with newsmen on Monday in Ota, noting that the high of cost governance had led to increased recurrent expenditure.
The former Director of Research at the CBN says that debt servicing by the Federal Government had consequently increased from N9.8 trillion in 2023 to N12.1 in 2024.
He adds that the Federal Government should only borrow for capital expenditure to facilitate repayment through proceeds from Projects and commends the resuscitation of the Port Harcourt refinery, which had since commenced production of fuel and other products.
-9News Nigeria.
