FG sets new performance targets for MDAs to cut red tape, boost business environment
Minister of Finance and Coordinating Minister of the Economy Federal Republic of Nigeria, Taiwo Oyedele
Abdullateef Fowewe
The Federal Government has launched a new phase of institutional reforms aimed at making Ministries, Departments and Agencies (MDAs) more efficient, predictable and responsive to businesses and investors.
The Minister for Finance and Coordinating Minister of the Economy Taiwo Oyedele announced this in a statement on Sunday.
Speaking at a high-level strategic engagement with heads of agencies and senior officials at the Federal Ministry of Finance headquarters in Abuja, Oyedele said the next stage of Nigeria’s economic reforms must move beyond macroeconomic stability.
“The next phase of Nigeria’s economic reforms must go beyond achieving macroeconomic stability to improving the day-to-day experience of businesses dealing with government institutions,” he stated, according to the ministry’s press release.
Under the emerging framework, MDAs will be required to adopt a “One Government” approach, coordinating directly with one another rather than leaving applicants to navigate conflicting demands.
“Where mandates overlap, the objective will be one lead agency, one process and one fee, while unnecessary regulatory requirements will be reviewed,” the minister said.
Agencies must also operate strictly within their statutory mandates and eliminate overlapping requirements, fees and processes that raise the cost of doing business.
Performance will be assessed on the speed of service delivery, compliance with published timelines, and measurable reductions in the cost of doing business.
Oyedele further directed agencies to consult stakeholders, assess the economic impact of proposed regulations, coordinate across government, and provide reasonable notice before major changes.
On public finance, he emphasised that legally due revenues must be remitted fully and on time, with operating surpluses paid into the Consolidated Revenue Fund and audited accounts submitted as required by law.
The Ministry of Finance will review submissions from participating agencies and provide feedback within four to six weeks.
A draft framework will then be circulated for further consultation, after which each agency is expected to agree to measurable commitments that will be reviewed periodically.
The minister noted that the same standards will apply to the Finance Ministry itself as it addresses internal bottlenecks such as slow approvals and outdated rules.
