A former director at the Central Bank of Nigeria, Titus Okunrounmu, has advised President Bola Tinubu’s administration to focus on reducing the cost of governance in 2025 to address the growing financial challenges.
Speaking in an interview with journalists on Monday in Ota, Ogun State, Okunrounmu highlighted that the escalating cost of governance has significantly contributed to increased recurrent expenditures. He further pointed out that the federal government’s debt servicing obligations had risen from N9.8 trillion in 2023 to N12.1 trillion in 2024, underscoring the urgent need for fiscal discipline.
The former CBN director emphasized that the government should only borrow for capital expenditure projects, which can generate returns to facilitate repayment. This, he argued, would help reduce the burden of debt servicing and improve the country’s financial outlook.
Okunrounmu also praised the revival of the Port Harcourt refinery, which has started producing fuel and other petroleum products. He noted that this development would help the federal government eliminate the need to export crude oil for the importation of refined products. Moreover, it would open opportunities for Nigeria to export refined petroleum products to West African countries, thereby boosting national revenue.
The former director urged the Nigeria National Petroleum Company Limited to prioritize the regular maintenance of the country’s refineries to ensure they operate at optimal capacity and contribute effectively to service delivery.
“This will help the federal government to stop exporting crude oil for importation of refined products into the country.
“In addition, the country would be able to export refined petrol products to West African countries, thus generating more revenue,” he said.
