By NANA MUSA

The Federal Government has announced plans to hold Ministries, Departments and Agencies (MDAs) to measurable performance targets to reduce bureaucratic delays and eliminate overlapping regulations.

This is contained in a statement issued by the Head, Information and Public Relations Unit, Federal Ministry of Finance, Efe Ovuakporie in Bangkok on Sunday.

The News Agency of Nigeria (NAN) reports that the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele said this on Thursday at an engagement with agency heads and senior government officials in Abuja.

Oyedele said the next phase of Nigeria’s economic reforms would focus on addressing everyday challenges businesses face when dealing with government institutions.

He urged agencies to operate strictly within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that increase the cost of doing business.

Under the proposed “One Government” approach, agencies are expected to coordinate their activities ensuring businesses face fewer conflicting demands from different institutions.

“Where mandates overlap, the goal should be one lead agency, one process and one fee,” Oyedele said.

The minister also called for stakeholder consultations before introducing new regulations, alongside economic impact assessments, inter-agency coordination and reasonable notice before major policy changes.

On public finance, he directed agencies to remit government revenues promptly, transfer operating surpluses to the Consolidated Revenue Fund and submit audited accounts as required by law.

Oyedele said that the agency performance would be assessed through measurable results, including service delivery timelines, reduced regulatory costs and compliance with published deadlines.

He acknowledged that the Ministry of Finance must also address internal bottlenecks, including slow approvals, delayed releases and outdated rules.

The minister disclosed that the ministry would review submissions from participating agencies and provide specific feedback within four to six weeks.

Oyedele said that the draft framework would subsequently be circulated for further consultations, with each agency expected to agree to measurable commitments subject to periodic reviews.

He said that the initiative seeks to strengthen public accountability, improve service delivery and create a business environment that encourages investment, expansion and job creation. (NAN)