Edun: Tinubu Will Lead By Example, Make Deeper Cuts in Cost of Governance

Emmanuel Addeh in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said that President Bola Tinubu will embark on further cost-cutting measures, days after the president announced he slashed persons on his official entourage by 60 per cent.

Speaking in an exclusive interview with Arise Television on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, the minister noted that the measure was important to rebuild trust in government.

He noted that the COVID-19 pandemic and the global economic downturn that followed had seen people’s confidence in government wane globally, explaining that key steps were being taken to regain the trust of the citizenry.

The areas that this should happen, he said, include : Prudency in government expenditure, streamlining where taxpayers’ monies should be deployed and how Nigeria’s common patrimony from oil sales should be spent.

“The effects of COVID and the downturn that that caused, naturally within that context , means there’s less trust in government in particular, relative to even the private sector and the corporations.

“So government needs to do a lot to rebuild the trust and of course in Nigeria, the administration of President Bola Tinubu has had to take some key reforms or measures.

 “It is also in the middle of trying to rebuild the trust of all, particularly in terms of government expenditure, how people’s tax revenues are spent, how the oil revenues and how the patrimony of the country is handled. And I think some important steps have been taken in that direction,” he stated.

According to Edun, at the end of it all, apart from trying  to implement very important measures, Tinubu has attempted to further build the trust of the people in government, by trying to eliminate wasteful expenditure and reduce the cost of governance.

He stressed that aside these, he had been showing empathy by intervening on behalf of the vulnerable in recent times.

“He has cut the cost of his own entourage, and so on and so forth, and down the line,  I’m sure it’s just one of many measures to come,” he stated.

Tinubu had before now been criticised for operating a large government, having unwieldy convoys, taking large entourage to events, among others.

Edun explained that Nigeria needed to be present in Davos as the largest country in Africa and one of the biggest economies on the continent to give its own perspective and enhance its drive for investment.

He added that the intention of the government at the event is to showcase what it has done to encourage investment.

“And I think, really, that is one of the key reasons why we are here today. At a time when you have this fragmentation, at a time when you have these geopolitical tensions, it is important for people to come sit around the table and dialogue and try and find solutions.

 “And so I very much support the fact that the theme of this year’s Davos is “Rebuilding Trust”, and it’s a work in progress, it is something that the whole world has to work on. And I think it’s important that Nigeria is here. And as I was saying, the president has an important role to play in rebuilding trust in Nigeria, leading by example.

“And I think that is what he’s now beginning to do, with all the measures that we see which indicate that he’s willing and able and ready to sacrifice and lead by example,” he added.

Edun noted that Nigeria was putting its foot in front of the whole world and showcasing a whole series of reforms that the country remains an important destination for investment.

“ At the end of it all, we’re looking to grow the economy, create jobs, and reduce poverty. And that begins with investment, but you have to put in place a stable macroeconomic environment for investment.

“And I think that is what is happening in Nigeria since May when President Tinubu took over and where we are now, if you look at the budget that has just been passed, it does reduce reliance on borrowing and it does reduce recurrent expenditure.

“It does increase capital expenditure, which means investment, which means jobs and reduces the deficit so that the fiscal balance, so that the prudence  that the people of Nigeria need to see and foreign investors need to see is in fact been demonstrated,” he stated.