Peter Obi knocks Tinubu, suggests 60% reduction in cost of governance

Nigeria must cut its government expenditures by 60%, according to Peter Obi, the presidential candidate of the Labour Party (LP) for 2023.

The opposition politician said this in response to the recent decision by President Bola to lower the expense of the Federal Government’s official entourage when travelling within and outside the shores of the country.

The former Anambra State governor stressed that the move is just the tip of the iceberg.

He argued that the 60% level of cost-cutting and savings he has proposed can meaningfully impact the present state of the economy, adding that “this level of cut in the cost of government should lead to substantial savings.”

He questioned why the administration had not revealed the amount that would be saved as a result of the reduction in the travelling team.

Obi posted on X: “The just announced 60% cut in the size of federal official entourages on travels is one positive step towards the reduction of cost of governance and a way of halting wastage. But this measure is just scratching the surface as It is limited in scope and can only lead to a very negligible saving.

“We are yet to be told how much savings this will amount to. While this modest step may be somewhat commendable, what is desirable should be both a 60% reduction in federal official overseas trips as well as a 60% reduction in the size of delegations.

“Most importantly, what our current economic reality demands is a 60% reduction in the total cost of governance at the Federal level. This implies that the recently passed federal budget needs to be revised to cut all wasteful and unnecessary items.

“This is the level of cost-cutting and savings that can meaningfully impact the present state of the economy. This level of cut in the cost of government should lead to substantial savings.”