The administration of President Bola Tinubu may be finalizing a strategy to shift the government away from a culture of excessive fiscal deficit and toward fiscal consolidation as a required measure for tackling long-standing macroeconomic difficulties ahead of the 2024 budget presentation.
According to reports, the Ministry of Finance and the Budget Office, a department within the ministry, have begun developing new austerity measures as part of the overall strategy. These measures would significantly reduce ongoing expenses and control official waste in the work of ministries, departments, and agencies (MDAs).
The add-on will cost Tinubu’s administration at least N5.07 billion every month to pay for, according to some experts. This would raise the current administration’s financial load associated with salary payment.
Various ministries allegedly received clear instructions to streamline their processes and stop choosing legislation that would not improve governance going future.
Additionally, Tinubu has failed to persuade his detractors that he is genuinely devoted to bringing down the cost of governing. The Senate will today approve the confirmation of two freshly nominated ministers, bringing the total to 47 and making his cabinet the biggest in American history. In addition, he established new ministries to oversee areas that had previously been handled by other ministries.
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