BY CHIKA OKEKE, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has eliminated overlapping mandates with a new framework designed to cut bureaucratic delays and make the government more responsive to businesses and investors.
Oyedele, who stated this at a strategic engagement with Heads of Agencies and senior government officials at the Federal Ministry of Finance headquarters in Abuja, insisted that the Federal Government will henceforth hold Ministries, Departments and Agencies (MDAs) accountable to measurable performance.
He stated that the next phase of Nigeria’s economic reforms must go beyond stabilising the economy to fixing the everyday frustrations businesses encounter in their dealings with the government, stating that agencies must make it easier for businesses to operate, invest and expand.
To achieve this, he pleaded with MDAs to remain within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that increase the cost of doing business.
The Minister outlined a “One Government” approach under which MDAs would coordinate their activities rather than leave businesses and other applicants to navigate conflicting demands from different institutions, saying that where mandates overlap, the goal should be one lead agency, one process and one fee.
Oyedele encouraged agencies to consult stakeholders before introducing new regulations, assess the economic implications of proposed measures, coordinate with other relevant institutions and give reasonable notice before major policy or regulatory changes take effect.
On public finance, Oyedele directed agencies to remit all revenues due to the government promptly and in full, transfer operating surpluses to the Consolidated Revenue Fund (CRF) and submit audited accounts as required by law.
He pointed out that the agency's performance would be judged by results, including how quickly services are delivered, whether published timelines are respected and whether regulatory processes become less costly for businesses.
Oyedele clarified that the Ministry of Finance would be held to the same expectations, acknowledging that the government must also tackle internal obstacles such as slow approvals, delayed releases and outdated rules.
As a next step, the Ministry will review submissions from participating agencies and provide specific feedback within four to six weeks, even as the draft framework will be circulated for further consultation, with each agency expected to agree to measurable commitments before the periodic review of the implementation.
The initiative seeks to make public institutions more accountable for the quality and speed of their services, while creating a regulatory environment in which businesses can spend less time navigating the government procedures and more time investing, expanding and creating jobs.
Ahead of the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group, Oyedele has arrived in Bangkok, Thailand, where he is expected to lead Nigeria’s delegation to the auspicious event.
Scheduled for this week, the meetings bring together finance ministers, central bank governors, development partners and other global economic decision makers to discuss global economic developments, financing priorities and strategies for sustainable growth.
For Nigeria, the meetings come amid ongoing efforts to strengthen macroeconomic stability, attract investment, ensuring that economic reforms translate into productive activities, expanded business opportunities and jobs.
Oyedele’s participation provides an opportunity for Nigeria to engage with international financial institutions and development partners on issues relevant to the country’s economic priorities and its place in the global economy.
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