Sanwo-Olu Urges States To Cut Wastes, Excesses For Economic Stability

Sanwo-Olu Urges States To Cut Wastes, Excesses For Economic Stability
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By Rotimi Asher

Lagos State Governor Babajide Sanwo-Olu has advised state governments to cut down on waste and excessive spending.

According to the governor, the ultimate goals must be value for money and the enhancement of the quality and timeliness of service delivery.

He spoke at the National Council on Finance and Economic Development, NACOFED, Conference held at Marriott Hotel, Ikeja.

Sanwo-Olu said a robust public finance management system is the critical pathway for the efficient and effective delivery of the dividends of democracy to the people ‘which must be carried out in a manner that is transparent and accountable to all’.

He said: “What the pandemic has done is to compel us all, whether in the public or private sector, to focus more on exploring ways to do more with less. We have been forced to find ways of optimising spending to ensure that one, we are cutting down on waste excesses and things we do not need, and, two, that every unit of surviving expenditure delivers maximum value and impact for the benefit of our populace.

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“This is the time for Commissioners for Finance and Commissioners for Economic Planning to be sincere with their principals, who may have asked you to do the impossible. But, indeed, this is the time for you to be sincere with your principal that we have to think out of the box. You have to be very creative and do away with what will not be considered as important this time.”

Sanwo-Olu also lauded the Federal Government for faithfully implementing various initiatives aimed at improving the quality of public financial management in Nigeria.

According to him, initiatives like the Treasury Single Account ,TSA, the Presidential Initiative on Continuous Audit ,PICA, the Government Integrated Financial Management Information System ,GIFMIS, among others, including the States’ Fiscal Transparency, Accountability and Sustainability Programme for Results ,SFTAS, programme, have provided support to states’ to help them achieve desired fiscal reforms underlined by prudence, openness, transparency and accountability.

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He said: “We must rapidly embrace technology as a tool for increasing transparency and accountability, as well as expanding citizens’ access to public services in a manner that is cost-effective and solution- oriented. Every opportunity to reduce non-essential spending must equally be seized with both hands. And, very importantly, we must invest in building the human capacity required to adapt seamlessly to the social, legal, technological and policy demands of the new normal.

“Here in Lagos, we are doing a lot in that regard, from cleaning up our public payroll system, to embracing automation and technology in the management of land and property records and processes, to restructuring loans and bonds to ensure a productive lowering of our debt service costs, and also to exploring innovative ways of mobilising capital to deliver on our vision of a truly 21st Century Megacity”.

Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed said the Federal Government remained committed to the reforms the Muhammadu Buhari administration has started, which, according to her, are aimed at enabling the business environment, creating the right fiscal space for investment and diversification of the revenue base of the economy.

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She said: “The last couple of years presented a series of challenges to us as a nation and the entire globe. From the decline in revenue to slow growth and recovery largely due to the fall in crude oil prices on account of falling global demand and the containment measures to fight the spread of COVID-19, which affected virtually every sector of the economy.


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Economic Stabilitylagos state governmentSanwo-Olu