'We will focus on slashing cost of running government'

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December 2, 2015 12:27 PM

"We're spending currently more on overhead than we are on capital, so that's unsustainable and we don't have the revenues that we had."

Kemi Adeosun, Minister of Finance

Kemi Adeosun in a recent interview with the Reuters said that the country is currently spending more on overhead than on capital which is unsustainable. And in bid to regulate the economy’s finances this government will focus on slashing the cost of running government.

"We're spending currently more on overhead than we are on capital, so that's unsustainable and we don't have the revenues that we had," Adeosun told Reuters.

She further added the government is committed to job creation so the number of workers won’t be slashed but instead the government will generate its savings from overhead expenses.

Read: 'Do not justify stealing from national treasury with poor salaries,' says Finance Minister

Alongside the effort to streamline spending, the minister wants to make sure existing revenues actually make it into the government coffers such as from passports, exam fees and university tuition.

"So if we make sure all the revenues come in...then oil becomes the icing on the cake and we can say 'OK, we want to do bridges, we want to do power, housing'," Adeosun said.

In a speech directed at civil servants during the inauguration of the Efficiency Unit in Abuja on November 30, 2015, Kemi Adeosun, Minister of finance stated that bribe should never be justified or blamed on poor salaries.

The introduction of the Efficiency Unit in the ministry is to checkmate the manner in which government money is being spent in this very challenging economic times.

Adeosun said the budget figures were still being worked on but that a medium-term framework that will serve as a base for the 2016 budget would be out soon.

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